Well, our fearless leader was at it again this morning:
Slope of Hope Blog Posts
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Not to get all Elliott-Wavey on you, but I’ve made a very slight change to my $SPX chart with respect to its Fibonacci retracement. Specifically, I’ve moved the lower extreme to the 1980 low instead of the 1982 low, which I should have done in the first place!
Editor’s Note: What you are about to read is dead wrong. So keep reading, because there’s a correction later…………
As I mentioned when SlopeCharts was introduced, one advantage of forcing me off ProphetCharts (which I have been using for a dozen years) was that I would get a fresh perspective on the markets. With all my symbols, trendlines, and other embellishments gone, I’d be able to perhaps shake off some old biases (or at least reduce them).
In that spirit, I offer this rather surprising post, in which I offer up the prospect of equity markets rising another 10% or so. Now perhaps my stating such a thing – – me, the permabear, saying something broadly bullish – – will be taken by some as a sign of the market top. I’ll happily exchange ridicule for top-ticking a market in exchange for a true downtrend! But regardless, here we go……….
Bravo bulls, bravo.
Not only did you obliterate the prior all-time high in the S&P 500, but you’ve also set us on the final path higher toward /es 3000 (more on that in a moment).
But let’s not buy and hold just yet. The bulls actions have consequences, and those must be dealt with first.
Consequence #1 – AB=CD
We’ve completed an equal move from the /es (continuous) Brexit low, to the August 23rd prior high, and down to the post-election low (November 9th), with Wednesday’s blast through 2238.50.