Special Update for Noon Tuesday Feb 10: Treasury Secretary Geithner's stern comments has put the market down in a way that is uncharacteristic for a new bullish T. It is too early to make a definitive judgement but I personally am acting on the assumption this new T will likely collapse in its right side based on this action unless it is reversed quickly. Since the center line of the channel was not penetrated to the upside, the best forecast is a decline to the green line near S&P 750.Actually, his remark about "unless it is reversed quickly" is what gives "da bulls" hope if the trendline I mentioned in the prior post, gives support. IF - that's definitely a big "IF" - the market moves up in a third wave or C-wave, it would be a huge rally. So complacency in the bearish camp isn't warranted quite yet.
(For more info on T Theory, you can check Terry's website, which is included in the "other sites of interest" at right side of this page.)
Posts
No comments:
Post a Comment