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Thursday, November 21, 2013

Elliott Wave Update ~ 21 November 2013

The endgame is approaching.  I'm going to do something I haven't done in quite a while...short the market either tomorrow or Monday based on the wave count and the extreme sentiment readings of bulls. Stop Loss of like SPX 2000 hah! I'm not advising anyone to do same, just saying, like buying a bottom, these things are hard to time but ya gotta jump in there somewhere if your thinking things are a bit frothy.
Time-wise next week is where [W] about = [Y] in time.
Treasuries on the move again. Yes enjoy the final legs of the stock market melt-up. The bond market will ultimately doom it all.
We'll see if this count on the 6 month yield is correct. The evidence that this may be a wave 3 of (3) up in yields is the fact that it rebounded so quickly from its recent .02 low. Smashing over the neckiline would be a technical positive for a continued yield rise.  The fact that the Fed still talks so "matter-of-fact" about how they "control" yields leads me to believe they are about to have their asses handed to them.

Remember, they are boxed in.  They are anything but in control. Like riding a bucking bronco, you can only hold on for so long. That 6 second ride seems like the rider is in control, but eventually they all fall off...

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