Hope I'm wrong: My long term EWT view of the Dow Industrials
Folks, most of my charting life I was interesting in EWT. I realized after many loses it is not accurate alone to provide enough information to trade successively. As a result I know most folks see it as pure nonsense, voodoo, etc. But personally I believe many of its tenants are true. But as I have indicated here before I would not trade on EWT alone. If you are interested in this long term view at all take a few minutes to look at my perception. Basically you are looking for 5 wave patterns up that follow certain rules. When the 5 waves are up you get a retracement to the previous 4th wave or the previous 4th wave of lessor degree. First look at my monthly chart from 1924 (Link below:Is the Dow Industrials At a Major Top?.) This current chart is a weekly chart with fib fan I first published 5 months ago. Notice the DJIA has not during this time gone above the 8th fib finger that appears to restrain it. Then look at my next chart that gives my count from 2010. IFFFF I am correct in my count the financial world has MAJOR downside ahead (dow to <1000). I really hope I am wrong because it will mean a lot of pain for most of us. Eliminate debt. Get a store of food, water, etc, Be very cautious. Learn to enjoy the best things in life many of which have nothing to do with being wealthy. I suspect for many of you this is just a bunch of BS you don't want to hear here. But I do wish you the best. Plus if the markets do drop like crazy we traders if prepared can do well til the social systems fall apart. Take care.
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