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I’ve traded long enough to have an opinion on Elliott Wave (at least the kind proffered by our friends in Gainesville). It’s misleading/worthless/harmful in bull markets and nearly invaluable in bear markets.
The question is: what kind of market is this? Yes, yes, we’re at lifetime highs every day, so you’d think I could figure it out. All the same, what EW proposes is that we are at the top of Wave 2, at least as it concerns the Dow.
I’ll start the post with a gripe I’ve had for years.
Allow me to share, for illustrative purposes, an analysis from the boys in (the ironically-named town) Gainesville. It shows plain-as-day, clear-as-can-be, that the market has completely topped “5 of 5 of 5“) and is about to go into a complete free fall.
Our friends in Gainesville are making the message clear: the market sure needs to reverse course in the next day or two, or else we’re heading to Yet More Lifetime Highs.
Our friends down in Gainesville sure think so. I am sure HOPE so, since the past four trading days have been no walk in the park (my gains in longs notwithstanding).
