well Steve, the charts have spoken nicely today, so far it is a plus 14R day for me! second highest daily return to date.
Alec, Private Trader
Risk Disclaimer Testimonials herein are unsolicited and may not be representative of the experience of other Customers and is not a guarantee of future performance or success.
Elliott Wave (1) is rarely obvious at its inception. When the first wave of a new bull market begins, the fundamental news is almost universally negative. The previous trend is considered still strongly in force. Fundamental analysts continue to revise their earnings estimates lower; the economy probably does not look strong. Sentiment surveys are decidedly bearish, put options are in vogue, and implied volatility in the options market is high. Volume might increase a bit as prices rise, but not by enough to alert many technical analysts.
As such, Wave (1) is the initial swing off an importnat high or low…