Exactly. In fact I can't really think when he has been wrong about these significant levels, they sometimes just take longer than you expect to play out. And he's no bear, in fact he's still very bullish long term, but short term. . . pain.
Yeah, verily dudes. MM has spoken. Or maybe he just had a dose of wind, but anyway, he sure sounds unhappy. So I checked me own charts and it does look like 24100 could come to pass befer the sun shines again. Oi vey, and some such..
John, I generally do not use wave theory at all in my TA but this one looks so obvious that we would be very foolish to ignore it. Besides, the Dow in 2002 had a very similar pattern to the one it is trading at the moment and we had a huge sell off then. Oi reckon if we start selling here we have a once in a 5 year opportunity to short this market.
Trouble with waitin for the guy in the fur suit is, waddya miss in the meantime. I prefer to follow the same tactic as I does with tax: pretend it aint there an when Uncle Pravin (or Smokey) shows up, leggit out the back.
Gravy and EGOboy are right. You can't sit on the sidelines and wait for the bear - you could miss a lot of upside. My strategy is to take longs but limit risk by the percentage of cash in the market. Keep taking profits and add to cash pile. It could be months of trading - when it happens I'll take a loss but hopefully the upside will far outweigh that.