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Decided to share my thoughts even though they are probably not going to be welcomed by many. First is my Elliott Wave software’s long term count:
Next a shorter term chart:
Now is a chart that I have to give credit to Avocado Pit, but shows what I have been looking for:
Finally, a sentiment chart:
The fact that sentiment is so high is what is bothering me. See how even though we have had a correction, it is still almost as high as it was at the peak in 2011/2012. IMHO there needs to be more correction in sentiment before we head higher again – which I certainly believe we will, just not before we head lower first. Anyway – when you add all those together, that’s what I am thinking. As always, comments welcomed.
http://stockcharts.com/h-sc/ui?s=%24XAU&p=D&yr=0&mn=8&dy=0&id=p96624843066&a=448906706
Yep. Credit to you too Ma’am!
I’m guessing the EW software labels the turning points after the fact, correct?
And if so, what good is it. Not trying to be facetious just curious.
Obviously I don’t put much creedance in it so don’t have much interest in learning anything about it except like now.
Yes – a few days after the fact it gives a signal. That takes maybe 10-20% of the move to confirm (depending upon the degree of the wave). You then have 80-90% left to profit from.
ok thanks…are the rectangular shaded boxes something you added or the software.
Because as you can see from my chart above, I have a different view.
question mark after software..
The first box is mine – the software draws confusing boxes sometimes and I clean them up for people not used to them. Second is the software’s alone.
ok thanks… I have a difference of opinion than the software then. We shall see shortly then.
Feels kinda of like Bobby Fisher vs the IBM computer chess match. 🙂