But they too caution that the market may not be "finished" just as I have suggested on tonight's update. Regardless, to be a"long investor" is risky to say the least. At least for the intermediate term.
A major turn is likely at hand.
You know I have lately been surfing a bit on the web at all the various Elliott Wave sites that have popped up. I have seen direct posting of their charts complete with the "EWI" logo. You won't see me do that. They have some nice technical showings tonight but I will not repost their charts. And I try not to use their direct counts nor themes. But of course, counting to 5 and looking at common charts (like the VIX, Advance/decline, CPC , etc) can only be done in so many ways.
Regardless I feel my limited technical ability is sufficient to recognize that a major turning point is likely at hand. Its has trudged on longer than I imagined and that is something now I have learned I suppose.
However, I think EWI is well worth the money. Their newsletters reinforces my "sanity" in an insane world. So if you wish to sign up for free EWI stuff:
<-----Click on my links and join club EWI for free stuff. I get $3 for the signup (if you do so via my links) and any services you decide to join I get a small commission.
I subscribe to STU, EW Theorist (by Prechter) and Financial Forecast.
As far as their reputation as having missed the bull run of the late 1990's? I couldn't care less! in fact, I consider that EWI is due for a big run. I take it as a contrarian play that Prechter is shunned so hard by a lot of people.
I couldn't give a rat's ass what he failed to do in the 1990's or early 2000's! He has been nearly the best since 2007 and I'll go with the hot hand.
Its kind of like the saying why not go with the trend? In this case, Prechter and company is the trend and why would I fight a hot hand? He predicted the 800 SPX drop. He predicted the rally to 10000 Dow. He is now predicting a historic Primary wave 3. And I happen to agree with his count because I have done my homework and have absorbed the reality of the situation that the world is in at this juncture in time. And I therefore concur with the super-bearish count of less than DOW 1000 as the ultimate bear market low. (Although at this stage I'll settle for DOW 5000- 6000 heh)
However I think we will have a bit of outright fascism to go along with things.
I pay good money for those EWI services but still, to this day, I eagerly await and absorb every issue. So yes, maybe its monthly pimp time for EWI. I am an affiliate. However, I don't work directly for EWI but I do sell their services. My counts and charts are entirely mine.
The great thing is you can sign up for services and cancel within 30 days I believe. (of course any commission I would receive gets retroactively rescinded if you do so)
I probably am a bit more enthusiastic about EW theory than your average website. I wholeheartedly believe that Elliott Wave Theory is one of the most profound theories in the history of mankind. Its was a life changer for me and was an explanation for all the "unexplainable" going on in my life and the lives around me.
I also have mixed feelings about a "historic drop" in the markets. On the one hand, I know that a drop of that magnitude is the only thing that will "awaken" America into taking action against the outright criminals that are controlling the finances of this country. A drop will expose them. However I also realize that Americans will vent in the wrong directions and we'll wind up with fascism as a result. There will be no winners including superbears like me.
This is something that Kliguy preaches and I wholeheartedly agree. the big bear market will rip apart everyone bears and bulls alike.
It is with a very heavy heart that I look at long term charts and imagine the unimaginable.
But the theory actually calls for it.
I want to thank you for joining and following my humble blog. I wish I could get every squiggle perfect but correctives are so variable in nature....and P2 is one big corrective....
I also thank those that vote on my stockcharts.com site. The votes have given me free chart time and that helps.
And as for donations, they are the best. It helps pay the bills that are invariably going up and up constantly. No I am not a daytrader as I have not the time (demanding job) nor natural inclination. But somehow, through EW theory, I have become a better trader and a better technician and thats the beginning stage of becoming a better short term trader (I am a long term trader more than anything)
The top may be in already for the SPX as far as I know. Its been a bit of a rollover for over a week or so. Its also disjointed. The NASDAQ almost made a new high today!
Its getting close.