Sunday, January 18, 2009
The Market Gods Have Given us a Gift; Jan. 18, 2009
Once in a while the markets trace out a structure early which tells us with high probability what's unfolding in the bigger picture. This is that time. Above is a 15min S&P cash chart showing a clearly corrective rally that started on Friday. You can see an indisputable 3 wave rally off the 817 low. Then the market declined beneath the previous low in the 833 area. This makes it impossible for a series of 1's and 2's to be unfolding and some type of impulsive 5 wave rally to occur. It is clearly corrective. Getting this data so early in a market move is so valuable. This instills great confidence that the market will make at least a new low beneath 817. So in my opinion, I now want the market to rally strong and high, because it will allow me to short bigger and at better positions as it does so, therefore making me more money. As long as the market trades above the 817 low, it's a correction and I'll be shorting it.
I see this coming rally and ensuing 3rd wave decline as a great opportunity for us ellioticians to make some big profits in the coming weeks. This should be the best setup for us since we made a killing predicting the crash in early October. The setup is coming....