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Agree 100%. And PTI's are dropping further still.
The drop in the PTI's below 34 on the 60min and on the daily (both on
10-3-01) was an ominous sign, the "pattern" was likely to be broken (with
prior count likely being viewed as an A-B-C rather than a 1-2-3).
Note the 60min chart wave 4 red channel trend line has been exceeded, which
says this is not a normal wave 4. The last ellipse there (clear one with
blue circle) is now locked right at the level of 911 and we are at the .618
retracement level. A move higher will surely put fear into any short near
term?
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, October 14, 2001 7:47 AM
Subject: [RT] Markets bullish (short term view)
> I believe that the market is sending clear signals that it intends to
> continue moving up. There were two very important psychological tests this
> past week which should not be ignored:
>
> 1) the anthrax scare on Friday was good for only a quick short and then
only
> if one did not blink
>
> 2) the market closed near the high end of the consolidation range on
Friday
> in spite of prospects for bad news on the terrorism front over the weekend
>
> Pretty much across the board, my Advanced Get index charts are showing a
W.4
> rally which has been so strong that the probability for a lower low in W.5
> are quite low. Further, most of the major indexes have been moving up in
> nice, albeit steep, regression channels. This combination suggests that
the
> next leg down is most likely to establish a secondary low from which
another
> rally will occur. I still have not filled in the holes in my breadth
charts
> from my absence so I don't have a reading there, however spot observation
of
> daily a/d volumes for the past 10 days suggests that there has been more
> accumulation than distribution, especially in the NYSE stocks. Further,
some
> cup and handle patterns are beginning to appear in hourly charts. Absent
> another calamity, I still see a move to S&P500 1150+-, perhaps by the
18th,
> followed by a correction to establish a secondary low.
>
> Anyone who has read my posts here knows that my long term picture is as
> bearish as it gets. I am not seeing the beginning of a new bull market.
What
> I am seeing is a picture which may be consistent with the fiscal and
> monetary stimulus which has been poured on the markets. As such, this may
> provide some good opportunities on the long side for nimble traders.
>
> Earl
>
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxxxxxx
>
>
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
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