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Old 06-27-2016, 11:23 AM  
DaFace DaFace is offline
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Old 10-07-2021, 06:36 AM   #11596
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Do you subscribe to any of those Elliot wave newsletters?

I know a guy that follows them. Nothing makes me want to eat a bullet more than trying to figure out if some move meets all the rules, figuring it all out only to have it do not that, and have some pretentious douche write about how obvious the structure was. LOL.
No. I read a book about 30 years ago titled "The Elliot Wave Principle" and while I believe Elliot Wave Theory is practical it is very hard to use. It is very subjective such as trendlines. However, from a general perspective it is very good to have an understanding and while I don't use it for forecasting, I do think it has a value in hindsight. Meaning it's good to look at what has happened to get a gauge on where you are or might be overall. So maybe a little forecasting but I don't do a lot of the projection stuff. I will slap on some retracements at times just to get a general idea of where the levels are going to be.
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Old 10-07-2021, 07:40 AM   #11597
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Old 10-07-2021, 08:54 AM   #11598
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Number of things....

Stochastic RSI is showing a divergence to price
ATR has probably peaked meaning volatility will come down
Adv\Dec line is not confirming lower low in price
Price is close to support set back in July
3rd wave of a possible ABC retracement
Support level set back on 9/20 is looking to hold for the moment
Volume on this last leg down was lighter than the first leg

Now I say short term as is a short term trading opportunity or a chance to sell into an upcoming rally. We still haven't fully reached the support levels from July and we could easily make another run down to the 200MA

I suspect however a run back up to the 50 day SMA and hopefully start seeing some sideways movement from there.

Now a lot of this can go to shit this afternoon if selling comes roaring in which is why I stated that today's price action is key.

Well, a little quicker than I expected but we are about to butt up against the 50 day SMA on the SPY. I expect some kind of choppiness over the next couple of weeks as we see what happens with the current down trend.

The strength of the current down trend started showing weakness the last couple of days so we will see if it's a relief rally or if the trend is coming out.
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Old 10-07-2021, 11:57 AM   #11599
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Still not sold on this market. So many negatives that still are over hanging this thing.

If they go away, the sky's the limit.

I still think China still has one or two more shoes to drop that could derail this. Plus our government is more ****ed up than ever.

With inflation still a big problem with ****ed up supply chain, not sure we bust higher quite yet.
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Old 10-07-2021, 11:59 AM   #11600
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Plus energy shortage globally could spiral out of control heading into Winter. Lets hope its mild temps.
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Old 10-07-2021, 01:45 PM   #11601
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As expected we ran up to the 50 day SMA and are backing off. Today is looking like a classic reversal day. People most likely unloading today what they wish they unloaded 5 days ago. Doesn't mean we haven't set a short term bottom though.
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Old 10-08-2021, 01:17 AM   #11602
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No. I read a book about 30 years ago titled "The Elliot Wave Principle" and while I believe Elliot Wave Theory is practical it is very hard to use. It is very subjective such as trendlines. However, from a general perspective it is very good to have an understanding and while I don't use it for forecasting, I do think it has a value in hindsight. Meaning it's good to look at what has happened to get a gauge on where you are or might be overall. So maybe a little forecasting but I don't do a lot of the projection stuff. I will slap on some retracements at times just to get a general idea of where the levels are going to be.
That’s where I’m at. If it can support a position, good. But forecasters are regularly wrong.
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Old 10-09-2021, 01:46 PM   #11603
Hog's Gone Fishin Hog's Gone Fishin is offline
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Bought 1K worth of PUGE on 10/4 and I'm up a little over 50% while most of the OTC market has been flat. Just watched a video someone did talking about the company and it was pretty impressive. Was thinking about taking profit Monday but now think I'll just hold it long. It's only .0137 now and the 52 week is .0001 -.0144 . Thats a hell of a run.

Not suggesting to buy but Lew likes runners to be brought up preferably before they run but hell you don't know until they move. No sense in bringing failures to the board, right. I think this one has more gas myself.
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Old 10-13-2021, 07:41 AM   #11604
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Quote:
Originally Posted by petegz28 View Post
Number of things....

Stochastic RSI is showing a divergence to price
ATR has probably peaked meaning volatility will come down
Adv\Dec line is not confirming lower low in price
Price is close to support set back in July
3rd wave of a possible ABC retracement
Support level set back on 9/20 is looking to hold for the moment
Volume on this last leg down was lighter than the first leg

Now I say short term as is a short term trading opportunity or a chance to sell into an upcoming rally. We still haven't fully reached the support levels from July and we could easily make another run down to the 200MA

I suspect however a run back up to the 50 day SMA and hopefully start seeing some sideways movement from there.

Now a lot of this can go to shit this afternoon if selling comes roaring in which is why I stated that today's price action is key.
Quote:
Originally Posted by petegz28 View Post
Well, a little quicker than I expected but we are about to butt up against the 50 day SMA on the SPY. I expect some kind of choppiness over the next couple of weeks as we see what happens with the current down trend.

The strength of the current down trend started showing weakness the last couple of days so we will see if it's a relief rally or if the trend is coming out.
Quote:
Originally Posted by petegz28 View Post
As expected we ran up to the 50 day SMA and are backing off. Today is looking like a classic reversal day. People most likely unloading today what they wish they unloaded 5 days ago. Doesn't mean we haven't set a short term bottom though.
Looking like we could very well be putting in a head and shoulders bottom. Today will be key. Volatility is still coming out of the market and the strength of the down trend has flattened for the moment.

However we could also be in a bit of a new trading range between 427-440 on the SPY.
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Old 10-13-2021, 07:53 AM   #11605
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Old 10-13-2021, 08:02 AM   #11606
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Pete is very smart about investing. His takes are great and I hope he continues to post here.


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Old 10-13-2021, 08:26 AM   #11607
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Well the sellers came in during the first hour and have taken us down so today is looking to end in the red right now. Still in good shape for a short term bottom as long as we don't see the bottom fall out in the next few days.

Talk today is that oil and inflation are peaking this week. We shall see. On another note, JPM killed it on earnings but their stock is getting routed along with the rest of the financial sector which has been one of the strong sectors recently. Apple is taking it on the chin today due to someone downgrading it, which means they want to buy it cheaper but the QQQ is doing better than the SPY overall which at least gives the impression we might be seeing some rotation and not a total sell off in stocks which lends itself to a possible short term bottom.
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Old 10-13-2021, 08:52 AM   #11608
Buehler445 Buehler445 is offline
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Apple got downgraded?

Why on earth would Anyone downgrade Apple.
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Old 10-13-2021, 08:55 AM   #11609
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Originally Posted by Buehler445 View Post
Apple got downgraded?

Why on earth would Anyone downgrade Apple.
That's what I heard though all I see is one place maintaining their buy rating

Edit:

It looks like there are concerns on their parts supply....
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Old 10-13-2021, 08:55 AM   #11610
Hog's Gone Fishin Hog's Gone Fishin is offline
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Apple got downgraded?

Why on earth would Anyone downgrade Apple.
So they can swoop in and buy a dip. It's what MM's do.
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