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SPX made the initial double top target at 2356/7 and the rally I was expecting from the target area is in progress. The obvious fib retrace targets are the 50% at 2379 and the 61.8% at 2385.50 and the 61.8% is a strong match with the ideal backtest target on the daily chart at the daily middle band, currently at 2386/7. SPX daily chart:
Equity bulls aren’t exactly the most hearty, masculine folks on the planet. Let’s face it, for eight years now, every time there’s been the tiniest downtick, these antique-shopping, hair-dressing wimps shriek out for aid from whatever central banker is, shall we say, chosen. Getting wet-nursed nonstop can cause some pretty heavy conditioning. There is, it is widely accepted, no longer such thing as a bear market.
After yesterday’s selloff – – one DAY, mind you – – this dink shows up on CNBC:
First published on Saturday May 13 for members of ElliottWaveTrader.net: Without fail, each and every time the metals have dropped since bottoming over a year ago, many panic and proclaim the bear market to have returned. Moreover, many have looked to the USD as their guide to what the metals will do, and are completely befuddled when the dollar trades in tandem with the metals, as we have seen for almost two months.
As for me, well, since I was taught at a young age not to “ASSUME,” I only listen to price and try to ignore emotion as much as humanly possible. For this reason, I rely on my analysis to make decisions, as relying upon emotion often puts you on the wrong side of the market at the exact worst time. (more…)
