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Then again, on second thought, we do that every day anyway. As traders, we don’t get caught up in a weekly “count” and insist the market has to do this or that. As traders, we trade … 20, 30 or even 50 times the point range in any given week. But don’t think that means you have to be a scalper to join us – it took 150 points to reach the target we called at the 1364 low in March, and our members don’t seem to mind! Once our 1510 target was reached, I waited to see a reversal off the high before calling the top. In last week’s update I said: The other ingredient needed at a turn is the correct sentiment, and believe me, realtime sentiment is working even though traditional readings aren’t. I continue to try and wait for the traditional ones to line up, and until at least some do, this market could have more to go. And it did have more to go! But, as the S&P once again put in another intraday high, we also got the traditional sentiment readings to show us the first sign of excessive bullishness. Seeing that, at the same time, the S&P futures entered our expected area for a reversal, the trade against this week’s high pretty much set itself up for us. How did we trade it last week? 
I think we should lean to this afternoon's drop being a C wave of a flat correction that sees yet again another high. If that is not what’s happening, we will know quickly in the morning and get on the short side. Though we would have happily gone short if wrong, the C of a flat idea proved correct, and going long Tuesday’s close was a profitable decision. Looking for the next trade, I posted the following message at position 4: “I would love to see a reversal from there. Above that is bullish I’m watching any hesitation in the 1534/1537.50 area.” The high was 1535.75, and on confirmation of a reversal, members were able to profitably trade the short end. At position 5, I told members to expect a bounce or slowdown around 1525/26, just a point or two from the bottom of that move. At position 6, I posted what turned out to be the chart of the week. It was saying I had a complete 5 wave count down into the globex low and that the opening gap lower on Thursday was another bear trap. It was saying that a tradable rally was setup for the morning. 
At the end of Thursday, position 8, I was again talking about buying a reversal at the close in the chatroom in realtime as we were finishing an ending diagonal. That pattern suggested the area labeled 9 would be short tem resistance, and it was. By the time the market reached position 10, it was getting late in an overall profitable week, and so the strategy in chat became “TMAR”, take the money and run! If you’re not a member of TTC you must be thinking, “Yeah, right.” I’d probably think the same thing if I didn’t see it done myself. But, this is really what TTC puts together when the market trends – this is what unbiased Elliott wave analysis, proprietary targets, proprietary trend charts and the 18 hour days I put in can get you. The market doesn’t always give out nice ranges, but this week wasn’t a one-time deal either. Want to see it done? I'll run the money back special again since the results are amazing. Join by June 1st and if, after a solid week of using the site, you don’t like what you see, simply email me and request a full $50 refund, no questions asked. But our monthly fee is going up on or about July 1st, so this opportunity will not last. Going forward, I don’t think the violent moves we saw this year are about to calm down now that the struggle to put in a top is about to begin. As you can tell from this week’s update, our trading is not based on a signal count, but rather changes to suit what the market gives us each and every trading day. I’d rather see more of a pullback soon, but, after seeing what’s been going on in this major index, it’s questionable, or maybe this market is doing something different altogether. 
More and more, I’m in the camp that says we need to keep an open mind to the possibility of an additional high in the near future. If so, you haven’t seen the fireworks yet! A move from our targeted areas will rocket up like the Macy’s 4th of July show. Come to think of it, that might also be nice time for a turn just about there. It’s also where we plan on instituting the price increase we’ve been mentioning. So, if you haven’t made some handsome profits this year, it’s time to really think about what you’re doing wrong. If you’ve watched from the sidelines as the markets screamed higher or if shorted a rally from the 2002 lows only to watch the S&P recover all but 20 points of the initial decline – it’s time to try something new! If this is you, it’s about time to understand why you trade a certain side of the market and learn how to find the real money. Europe 
Gold 
Have a profitable and safe week trading, and remember: “Unbiased Elliott Wave works!”
Market
analysts are always welcome to contribute to the Forum or newsletter. Ideas from this update are provided as general information and are not investment recommendations. TTC accepts no liability whatsoever for any losses resulting from action you may take based on the contents of its charts, commentaries, or price data. Each person must do his or her own research to determine the appropriateness of taking a position in any financial or commodity market. If you are uncertain, please check with your licensed financial advisor or broker prior to taking any action. Securities and commodities markets inherently involve risk. CONTACT
INFORMATION The opinions of FSU contributors do not necessarily reflect those of Financial Sense. |
