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Not true at all! I counted 14 other 'crashes' since 1950 not mentioned on the
website. Less than half were followed by additional declines. The rest were
bottoms and the market went to new highs.
This decline is not the largest and quickest decline, either. What about
October, 1997 or Nov 1980 where the market declined 12% in 9 days before
mounting a huge rally? Mr. Armstrong's selective memory is short and in tune
with the likes of Prechter and Eliades.
Though one can never discount a crash possibility, especially going into the
Sept-Oct timeframe, this kind of fear-mongering with selective facts gives
technical analysts a bad name.
Howard Bernstein
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