YOURANG......LONGDUCKDONGBULL....at your service!!:thumbup:
What's up guys. I agree with both of you that we probably see another dip before the next SIRI run but stranger things have happened. Thanks for the charts RC and BassMan, as well as the updates. You both provide great info.
The P&Fs are looking pretty BEARISH at the moment......so are all the indicators.. MACD..SLOSTO....W%......and RSI. Can you say oversold and nearing a bottom. Now will it be a temporary bottom or start of another uptrend is the big question but a turn looks to be coming soon as RC stated in his post above. I am loaded and ready to shove some SIRISCHNIZEL up SchnitelMans A$$.:smash:
The HighLow is targeting mid 3.30s but as usual with the P&F it can turn quick. All it takes is a big candle or 2
The closing chart is also SUCKINGBALLS....
If the Bombs fly and SM takes the market down then great.....I will LOADUP
I wouldn't be surprised if *they* bought the news though since *they* have been selling the rumor...always a crap shoot on how SM reacts to these Macro events.:annoyed: Either way IAMPREPARED.....HAVE A GREAT HOLIDAY WEEKEND ALL!!!:sunny:
Ahhhh there he is!! Denco is always running with the bulls, sometimes even leading the pack! :thumbsup:
I saw an encouraging article the other day on Yahoo for us bulls, now let's see if this guy is right or not….
Thanks for the P&F updates!
Originally Posted by denco1
'morning, and best wishes to everyone on this, the long holiday weekend signaling the end of summer.............. and maybe a reviving of our investments in the market soon to begin. It's also the beginning of football season *:thumbup:, and ironically while finding little interest in what was on TV last night, I attempted to engage "Elliott Wave Principle" by Frost and Prechter, in hopes of grasping a bit of the Bassman's magic and confidence in predicting market action. Perhaps this takes a little more concentration and will power to comprehend, as my eyes immediately began to roll into my head when I came to "The Dow Jones Industrial Average is in Minute wave (there is a circle with a V in it) of Minor wave 1 of Intermediate wave (3) of Primary wave............"... and the list went on until I knew I was in for a real test of my mental capabilities.
In all seriousness, I can see where this is going, and I do recognize there is method to this madness........... and with just this taste of what I'm about to experience in this book, I already have a greater respect and appreciation for what Bassman has brought to this board.......... I can't wait for my next opportunity to sit down and have another go in hopes of being able to "see the light" and move on with some applied application of the Elliott Wave concepts.
Again, hope everyone has a safe and enjoyable holiday weekend. Cheers.
have a great weekend yourself SLY! :cheers:
I have read Frost & Prechters book a couple of times now, as well as referencing it to help with pattern identification. as you can see, it is not exactly an "easy" read, hence my couple of reads so far. it is by far the most difficult analysis tool I have dealt with so far, but also very effective when supplemented with other analytical tools.
but if you stick with it and practice, it does become a little easier. if you ever muck up a chart with a potential wave and want to shoot it over to me for a 2nd opinion, feel free.
though i do have one bit of advice SLY while you are just getting into the waves, try not to make the same mistake i did early on with DDD and think that you "own the wave", meaning you are "certain" where it is in it's wave structure. wait for the confirmation. there are rules as to what a wave can and cannot do. at least my mistake only resulted in some missed additional profits.
here was my early wave analysis with FB, that has lead me to where I am today and still holding 62.5% of my shares that I purchased in the $23-$26 range.
FB Elliott Wave Analysis - June 2013
Originally Posted by siriusly_invested
Bassman, that is a great discussion of your application of Elliott Wave applied to FB. And believe it or not, I didn't get lost in your commentary......... but I readily agree I am not yet ready to initiate an analysis until additional study in the book............. I had to laugh as the author ended Chapter 1 with the disclaimer that Chapters 2 and 3 were for the Professional Analysts, so I put myself in the crowd whom he invited to skip to Chapter 4 for general discussion......... Wow, was I ever surprised......... I'm back to Chapter 2 now, with admission that I must endure what is intended for the Market Analyst if I am to understand anything about predicting what a stock might do next.
I can't imagine that Elliott actually dreamed up this model while sitting in his rocking chair on the front porch, back in the 1930's, using whatever market information might have been available........ To think how tough it is for each of us, even with up to the minute ticks at our fingertips, and I can only imagine he might have had bare minimum reports via early AM radio, then maybe a paper publication once a week. He must have been a real genius.