Hey rcks, ah ya I got on the board some time back 12 ?? years Been doing this for almost 54 years.
Cycles Fan I'm not familiar with but presents a s/t either/or scenario. I sometimes do this with my gang and have even mentioned here at times we are at a cross roads and I need XX of time to get confirmation of an outlook . A bit like elliot, if this happens than that should follow but for me elliot is pure theory, I like facts but to me the explanation has a valid conclusion..
Cycles tend to get out of wack at times, yet we've found a way to avoid most of those traps with our power indicators. Power indicators tell the true story but they can't be relied on for VST trades. Right now PIs are getting toppy but not exhausted, which usually means the upside is limited until we get a pullback of some degree.
IMO we are near an I/T or weekly top its just when it hits be it a couple days or a week or so is the question, I tend to feel the later, it is the preferred count and would be the final confirmation of what our monthly outlook picture looks like.. If the preferred hits it should be several weeks of sideways to down only to get traction again. Still a traders market from what I'm seeing. I know the kids were hedging issues late last week in anticipation.
Cycles Fan talks of next week as a possible hi. Ya but no later and if long I'd be cautious about playing too deep into those time periods if anything I'm looking at is right, 2 time periods are given which is valid as two indicies are being talked about.
OIL? I bot last Thurs on my lunch break and sold a bit Fri. Need to look at several things but it should be a sector worth looking at again soon. I have not taken the time to go thru it as no one else in my group trades oil. I would think if we get some softness this week it'll be bullish for a few weeks. Sub 70 in Jan? Maybe,, the next 3 weeks should tell us more.
I've got a mess of work in my shop for the winter so trading in not a big deal for me until maybe late Jan. I've not been following things very close the past few weeks. I was concerned about how late Oct looked, so from there I went about my business. The kids continue to swing my account with spooz and they know how to read the system.
Feel free to chime in again.
Never argue with stupid people. They'll drag you down to their level, then beat you with experience.
