Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Wednesday, October 21, 2009

I Just told tony something important


I figured I'd restate it. Yesterday, I knew the Peso didn't close on a new high high, it made a lower low, but didn't make a Higher high, it just toyed with its Range.

Point being it still needs to make a Higher High....

THEN THEN!!!!!! needs to make a higher Low.... It's still HELL AND GONE FROM a TECHNICAL DOWNTREND.

Lets also talk about the market, for all the "Looked like it was going to make a Lower Low" It didn't. It also needed to make a Lower High. It did Neither.
Certainly there is a chance that we will cliff dive after a top. but we need a Lower Low... then a Lower High...... and not aggressive but defensive until that happens.

5 comments:

Tony said...

FWIW, my (lame) elliot wave analysis says the absolute highest the SPY can get in this cycle is $110.43...

then an a-b-c

Eric said...

tks.... you know I think all EWT is lame... and strangly correct from time to time.

so yours is as lame as mine..

of course you read a book, I just checked out some websites...

Eric said...

BTW I fucking win

SHOOTING STAR!!!

Tony said...

WTF is a shooting star?

http://www.oilngold.com/tutorials/candlesticks-tutorial-ii/doji-shooting-star-20080723274/

BTW, game on, we lost 109.40 support.

Eric said...

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:candlestick_bearish_

aka

http://tinyurl.com/2ymkdw

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