Once again it will be time for the (even bigger mouthed bulls) to step up to the plate and defend some key levels. This time they have impending potential head and shoulders patterns to deal with. Far from confirmed and if they defend successfully all good and well but if they dont our downside targets will be hit long before expected. Do not count on an action replay if we probe below previous lows...this will be the price they pay for ignoring the most basics of technical analysis...
have you always been such a condescending ****, or is this a new side of you? When did I ever admit to being right or wrong? I have a system, that has identified downside likelihood, confirmed yesterday. Prior to that, I was pretty neutral as to market direction.
have you always been so po faced? It was a joke man..lighten up..."you said I have to admit..." and i was making a play on that. If you cannot take a joke just say so and i will cease and desist as far as you are concerned.
It is the arrogance of your statement that annoys the hell out of me 'no need to admit that you are wrong' - there was no joking about that at all, that was purely you and that over-inflated ego of yours again - anyway, I have said my say - nothing more to contribute to this thread.
Certainly hope so, looking for a higher place to short from :) I think Greece will be wrapped up for the short term soon and it'll take a little while for Portugal to ramp up the panic, so could well be a bounce. Especially mixed in with a touch of relief after last couple days.
4 things tell you the trend is up: 1 the weak gold stocks, 2 the strong Rand, 3 volatility has slowed down (when last did the Topi have an intraday range of more than say 500 points) 4 there are more stocks hitting 52 week highs than 52 week lows. there might be one or two days of weakness but nobody should expect markets to rally everyday; when the weak days do happen you hear some people boasting about how they went short on a Friday and exited the short at a profit on Monday. the correction will happen but just not yet, so keep your longs, and stay put and watch for signs that the rally might be running out of steam.
Marc...i can certainly see what you are looking at ...an ABC flat ...however i think that we have completed that count and that we have already completed wave 1 as well as the corrective 2 down...this I see as the smaller degree 2 (corrective) of 3 (which will be invalidated only above 30480)
as i see it 23 jan 520 level was start of expanded flat ABC...30013 end of A wave...640 on 26 jan end of B and 29930 end of C then a wxy up to the 460 level ...start of new impulsive 5 wave down from there to 30100ish (wave 1) we are now in wave to which could extend to about 1.05% to just above previous high (any higher would invalidate count). Wave 3 down must extend way below 29950...
if this is a corrective wave 2 you have to have a 3 wave structure to complete it ...i see a as the move from 120 to 340 a as from 340 to 260 and the termination of C as somewhere aorund where we are now 420 - 450