Replies to post #55777 on Zeev's Turnips Patch-No Politics (ZEEV)

[jrhana]

Re: Bear Market Rallies Past:

http://www.elliottwave.com/club/chart121202.html

I also have Jay Chen to thank for that one.

My apologies if it has already been over posted.

[mlsoft]

George....

I agree with almost all he said, except the following:

"Investor Psychology: There has been a major reversal of investor psychology. During the bull market, investors were ignorant of risk and thought they were invincible. That innocence is gone forever, replaced by fear, pessimism, and despair. This generation of investors will never again be capable of another extended round of irrational exuberance. Never."

I do not think we are even close to that point yet, although I do believe it is coming. There is simply too much eagerness to buy every selloff, with the greatest fear being that of missing "THE bottom" - the greed factor is still far too high.

While his ultimate targets for the market lows are a bit under my own, I would not argue with them but I tend to think it will be more spread out over time and take longer to get there.

Thanks for the post.

mlsoft

[CoalTrain]

Pretty Bearish call. Does anyone know what Swenlin expects gold to do in his scenario?

CT