I would like to thank TA for pointing out how similar todays market is to the 2008 charts. I know you got scolded for making the comparison but so far its almost scary! Check out SPX Elliot Wave and trend analysis. He has an SPX gartley comparson, that’s been tracking the 2008 and 2011 and they are exact so far. If it continues we should retrace to aprx 1260-1270 before a severe drop. Great job TA! Hopefully we can all share idea among each other because I think there are some talented people on this site. Thanks TA this has help me navigate through this crazy period!
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Judging from this blog, CNBC and other blogs, the bears have already begun the yogi dance. When is the last time you can remember that Mr. Market has let everyone board the love boat and ride the market down. IMO T/A and E-wavers are missing the $1,000,000 question. We have just finished the 3yr cycle low on the US dollar. You have to go back to the previous $ chart from 02,05,08 to get a perspective of the last three 3yr cycle lows to try and gauge what will be the movement of the US dollar in the coming next few weeks. Based on the last three year cycle lows, the dollar spiked violently upward out of these cycle lows, only to retrace most if not all before the final trend change occurs. This allows the needed time for the big boys to unwind their carry trade and to postion themselves for the trend change. This will lift all asset classes for one final thrust into the cycle high. IMO we will see 1370-1375 by friday the 23rd. 1260-1250 monday 26th and 1380-1385 by friday 27th. The great mark Twain once said that history never repeats itself but sometimes it rhymes! Should be an exciting week. Best of luck to all long and short!
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