Here is my thinking on the matter.
There are enough bear flags on many charts that the issue is whether they are too good to be true for shorts. I believe there are quite a few shorts who are too cautious to be aggressive bears here, fearing they will trap themselves. Thus, one scenario that I am seriously considering is that we actually start to roll over for a few days and see shorts scramble into those bear flags proving true. At that point, we make a higher low on the S&P and then stabilize and turn higher. Since the market will usually do that which frustrates the majority, I think this scenario will frustrate those who have committed substantial capital looking for a market bottom as well as those bears looking for confirmation of bear flags in order to short. Here is what it would look like.
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Not a chance…Wave (5) down to new lows, then bounce homeboy!
SInce we’re talking about waves, homeboy, we just completed wave C of an A-B-C correction.
…Told ya!
Int wave 3 was extended which means Int wave 5 will be truncated … the low is in and we could already be done with wave 5 … if 1165 holds we will see 1250 before 1100.
Elliott wave is for the birds..
Elliot wave to ET!
Wave, Elliot, Wave!
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quick in/quick out…I think you have been describing the fear trade perfectly
Probably having visions from eating funny fungi, but what you sketched there is history repeating the 1998 bottom – at least on my market; a break upwards from a right-angled triangle.
This market action looks very similar to Jan 2008 .. I think we’re in the start of bear market – but there’s no way the big sellers are selling down here .. Need to get back into the 1260 area .
IMO
Agreud.
History does not repeat, but it rhymes.
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Chess,
Well, your prediction may begin to play out as early as 34 minutes from now.