Slope of Hope Blog Posts

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Some Insights from EW

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This morning I read Elliott Wave International's Short-Term Update, published yesterday afternoon, and I thought I'd share a couple of charts of interest. (Note: I am respectful of the proprietary nature of this work, and I have permission from EWI to republish charts from time to time, but you'll need to click on the banner ad on the right column to check out all their wares.)

The first shows the perverse relationship sentiment has with stocks. In early March, when stocks were a ridiculous bargain and multi-thousand percentage gains were just waiting to be plucked, the sentiment reading was an unheard-of 2% bulls.

Now, however, with stocks at (in my opinion) insanely-overpriced levels, and with all those multi-thousand percent gains already part of financial history, people are ga-ga about stocks.


The other chart of interest to me was particularly poignant. Long-time readers may remember the nasty relationship I had with the spring of 2008. I've mentioned it as something I'd never want to repeat. Well, not only has it repeated itself, but it has done so in slow motion. As the chart below suggests, the fractal form of the move from the low of March to the present is virtually identical to the form of the move from spring of 2008. So it's the same kind of torture, but prolonged by about 300% in terms of time.


Word on the street is that Fujisan will be doing another post on Slope this weekend; let's keep our fingers crossed, because I know how much everyone loved her last contribution!