5 replies to this topic

[Russ]

Posted this in da cheif's post but felt it is too important to not give it its own spot. It is drawn with fixed point anchored lines.

Edited by Russ, 13 June 2007 - 10:22 PM.

[blackprince]

Why are so many long term bearish when that chart is so screamingly bullish. It is sad, so sad.

[thespookyone]

Really kind of amazing how the market went up all those years, considering the 25 or so years of negative divergence on the cci.

[Tor]

Why are so many long term bearish when that chart is so screamingly bullish. It is sad, so sad.

So true

[eminimee]

I'm long term bullish..but here's my take...

This is short to IT bearish but only a B wave top...not a 2....(although we won't know if it's a B or 2 for awhile) but it's going to feel like a wave 3 down because I think a 5 Wave C wave will carry us down for our first 10% correction in this bull run (10% from the top). I think this C wave will get us to the previous 4th and the .382 retrace at minimum but I think we could get down to the 635 area after that. Worry about that later.
Couple of reasons for my take .. The ED on OEX looks picture perfect and we haven't hit the minimal measured move at the previous 4th. I'm a big fan of the 34 over 68 cross which we have...but when both move below the 200 (or above in an uptrend) there is usually a reaction in price in the opposite direction ie wave 2 or b wave correction, before continuing ...but those crosses are either bullish or bearish...in this case bearish.



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[Russ]

Teaparty wrote:
I'm long term bullish..but here's my take...

I should have stated that I am long term bullish, in the short run you may be right, there is likely to be a low this july.

One other line could be added to my chart from the 1972-73 top which is parallel to the existing top line but above by about 1/2 inch, perphaps in da cheif's super bull market it could even get up to that line!

Edited by Russ, 14 June 2007 - 08:10 AM.