Loading ...EW Skeptics Please Ignore ….
Fully … think you were interested in PUG’s take a few weeks back, when someone else posted it without a chart.
I supplied a chart, but that wasn’t entirely legible.
This one is. The daily, anyhow.
w3 bottom 1879; w4 target 1935; w5 target 1812 ending W1 down; then a real rip north for W2 up. (w means lower degree wave.)
This (Cycle 2) count doesn’t have many following it.
But at lower degrees, its in line with other bearish counts up to the W1 and W2 degree.
After that, the uber bears don’t find support where PUG does.
Thanks for posting Pedro I have subscribed to PUG a few times. He’s nailed it since 2008. I just never trusted EW enough to trade it. So I wonder what his current count says. Are we in w4 or W2… the market bottomed at 1812 but don’t see anything that looked like w4.
So we just finished W1 and now will soar to test the H and S top ?
I hear you both … are we in w4 or W2?
My charts say w4. W2 would be a month long event, and my charts aren’t close to giving indications that this sort of move is afoot.
This market is keying off crude & energy. And I’ve gone thru 30 odd energy ETFs and they are NOT signalling W2.
So we may … before long if we don’t accelerate quickly next week … get an initial sense that PUG’s micro counts are off (ie, missing the real w5).
And that may begin to weaken the case he’s making for Primary 2, and put the ultra bears in control.
As I’ve posted before, the fundamentals don’t support us starting a P3 at 1500 with P/E’s in the mid teens.
Thanks Pedro
Just posted … AC does good work
http://www.thewavetrading.com/sp-500-oversold-rebound-how-far-can-it-go/
PD, would be interesting at this major inflection point for energy to read what you think about it right now.
Read your post below a while go, good stuff.
http://goldtadise.com/?p=358693