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Bill - As an Elliott guy I mostly agree with you. Price is 90% of it.
But, sometimes price is not all clear and things like volume, o.i.,
sentiment and even indicators can help you out (breaking a trendline in
RSI is a warning sometimes). Yes, they are lagging, but they can smooth
out some of the price moves.
BTW, I have not seen very many clear moves in bonds this past week. I
was bullish after 121-30 did not break and have been bearish since we
got over 123-08/12 (if you have access to MCM I have been guest wave
techie there for the last 1 1/2 weeks). Hopefully the market will be
able to disassociate itself from stocks (which it seems to be doing) and
allow a clearer wave picture to develop.
I will say one thing. I still lean to the idea that the market is going
down, but the lack of impulse on the downside here worries me. Then
again, if this is a correction of an uptrend and prices are going down
anyway, that is real bad (yes, elliott allows for corrections in the
direction of the trend).
See ya.
Steve
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