Well - det market got in the opposite direction than I thought. I am still 100% short and it hurts - but I think its one of the last pushes by the bulls to make a major major top.
They wanna make the shorts nervous and the longs greedy and thats the usual sign of a top and vica versa with a bottom. Right now there are so many bulls out there and everyone screaming bull market. Everyone screaming that dollar going to 0 still and I am still 100% long the dollar. I think the move down was a "normal" little flush below support but its above support again and thats also a usual sign of a flush out.
Well the bulls remain in control for now but lets see how the job data and today plays out.
Some really interesting things I will show you is that in april we did NOT make a touch of the 61.8% fib retracement which is right at 1.228,22 on SPX so thats a little bit higher than here 1.221 at the moment. I think we will touch that one today and mark the major top of the markets and best selling opportunity in my lifetime.
Albert Edwards Does Not Capitulate, Sees EM Bubble Pop As Triggering A 60% Decline In Equity Prices
Sad I dont have any more cash to go short , but for those of you who have - I would go 100% short.
Still 100% short and target still 944.
You should check out this video. youtube.com/watch?v=oxxxjLVtA-k I think you should get out of your shorts if the market pulls back.
ReplyDeleteI hope you are correct. How do you think about the wave count of EWI and would your top call make the Wave C a little small?
ReplyDeleteHi Eastern
ReplyDeleteWell according to EW I think this is the C move up where top in april was the A, then B down to 1010 and C up to this level 1228 imo.
The next move down should be wave 1 of 3 which is the hardest move down. Either way.. I'm expecting to see sell off in markets over next 1-3 weeks.
Where do you get your 944 target? So you do not expect this to take out the 666?
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