I've blogged before on short term charts, and how inaccurate they can be, and how the $SPX is continually manipulated, along with the $VIX, so you can't really rely on 1, or 2 charts. It takes a lot of work to time the market, and this is why money money managers refuse to believe, it can be done. I can assure you, that if you believe the market can't be timed, and give up trying to time it, then it is going to be "impossible (for you) to time the market".
Look the market has remained weak, since profit taking started in Dec., with China leading the way... then it was the cryto crash, and treasury markets....
Now you don't hear anything about Chinese stocks. Instead you hear the fake financial news reporting that this sell-off is somehow "historic", even after the bears had their asses handed to them on a silver platter - once again - on Friday.
And this brings me to my first chart:
The DOW rallies 600 points off the lows, to breakout above the previous low (31.2).
Same goes for the $SPX.
I even called this in real time, as they started reporting on the longest weekly decline since 2001, and an official bear market. All lies, Wall Street uses to deceive the masses; complete with Monkey Pox, and even Ebola breakouts. You can't make this shit up!
The #NASDAQ doesn't look bad here. Not sure what Bloomberg is crying about. #Bullish @BloombergTV pic.twitter.com/ajbVVpdDtW
— Veteran Market Timer (@3Xtraders) May 20, 2022
Technically the NASDAQ has ended down 7 weeks in a row, breaking some kind of record, but you can't even compare this little selloff to 2001, or even the covid crash
$NYSE - comparing the longest weekly sell-off, since 2001, to the covid crash.
Listening to the fake news you would think the bears are winning, but nothing could be further from the truth. It looked like the bears might somehow win on Friday OPEX, but they were robbed.
But the big question, I'm left with is, do these little shakeouts to a lower low mater? Are they technically significant? And does this rule out wave "5", as seen on the chart above?
Take another look at the $NYSE chart above, and you'll see that it didn't touch a new intra-day low.
What about the pattern we've been watching for over a year? It looks like it's broken right? Knowing that the price action often throws over beyond the target, on that type of pattern, means that we still can't rule that pattern out.
It seems to me that the powers that be are either trying to make things sound much worse than they are in order to run cover for a fed that won't do it's job. If things are bad, then American's aren't going to question, a fed that pauses rate hikes, or a government that continues to throw money at manufactured crises. The latest excuse to print $40b is Ukraine, but who knows where the money really goes?
But before long the criminal cabal, posing as our elected government, will stop the printing presses, and only then will you see a historic sell-off.
I'm talking about the end of the 100 year bull market, and the beginning of a multi-decade bear market, if not the end of civilization as we know it. When? Timelines aren't predictable, but I'd say within the next 10 years, for sure! The climate is already collapsing, and the economy can't be far behind.
Saving the best for last:
I've added an updated #NASDAQ chart to the public charts area, which shows that we're in wave 4, and if you know anything about Elliot Wave theory, you know wave 4's often come to an end in complicated sideways patterns.
2. Another thing to note on that chart is that Wave "2" was such a minuscule pull-back, that it explains the length and duration for wave 4. It's textbook!
This is awesome, because I was starting to give up on Elliott Wave theory, now that we see the machines controlling market movements, but this renews my faith in a technical theory that I've spent over a decade mastering!
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I have a lot of charting to get caught up on, so I gotta run.
Hope to see you there, AA
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