tag:blogger.com,1999:blog-4878316162397365683.post7363128333087642846..comments2023-11-06T06:01:49.605-05:00Comments on Principle Analysis: an Elliott Wave Blog for Forex Signals, Futures Signals and Stock Signals: Market Fulfilling Yesterday's Forecast; Look for 1150 in the S&P SoonUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4878316162397365683.post-60421049104543684252010-05-06T11:32:35.487-04:002010-05-06T11:32:35.487-04:00Yeah the market sure feels more like a 'B'...Yeah the market sure feels more like a 'B' wave than a 3 or C. But as I've said for long time, I think too many elliott wavers were on board with this wave 3 from Prechter that something would have to happen to get wavers to not believe anymore, or trick us. Well the 3 wave move into a new high and now flip flop decline we're in MAY be what I was projecting. We'll see.<br /><br />Also, I agree with you on the sentiment through the media being too panicky too quickly. But if you dig deeper you'll see that everyone's calling it a correction, and many analysts are citing their buying levels. I don't hear anyone telling people to go to cash; I hear people saying they should "expect a 10% - 15% correction, and that's healthy". Also, the mess doesn't have to end with Greece. What if it snowballs from here and Portugal and Spain fall in the coming weeks, then China hits major headwinds, etc. Maybe it just won't stop.<br /><br />It's stuff like this that racks my brain so I just play the charts. In my opinion, the longer term is irrelevant at this point, and I'm focusing on the series of lower highs and 5 wave drops. As long as those are sustained, I'm shorting.<br /><br />Thanks for the comments!<br /><br />ToddToddhttps://www.blogger.com/profile/13808483934573587351noreply@blogger.comtag:blogger.com,1999:blog-4878316162397365683.post-35786236018267939182010-05-06T05:19:20.800-04:002010-05-06T05:19:20.800-04:00Hey Todd,
Thanks for the excellent analysis as al...Hey Todd,<br /><br />Thanks for the excellent analysis as always!<br /><br />The 'feel' of the action so far also makes me hesitant to think we are in for a huge move down just yet. To me, gaps downs and fairly choppy intraday action just don't seem like makings of Primary 3. After the January fake-out, I'm going to wait for a bigger drop before putting too much faith in this move down. <br /><br />Although EWI notes that bullish sentiment levels are still very high, the news coverage about European sovereign debt problems seems to have gotten too panicky, too quickly. I think it would be easier for a big move down to happen if people just keep saying "oh, no problem" in the face of these obvious big problems ... and then all at once everyone panics big-time.<br /><br />I think it would be poetic if we're in a B wave correction now, to be followed by a Primary 2 top in June or July. This move down now is making most market participants jittery. So if the market recovers later this month and makes a new high in June, then maybe the bulls will think they've conquered "Sell in May" and nothing can stop them now.Robnoreply@blogger.com