Where did you get that "Jesus was a liberal"...lol, what a crock. He most definitely was not. You should learn what a liberal is first. Liberalism is Socialism / Communism. In other words, it is government theft taken from hard working people and given to the lazy non-working people looking for handouts instead of working for it all in the name of "fairness". Liberalism is evil.
"Non-lawyers often ask me, “What is the best way to argue with a liberal?” This is silly, because there is no best way to argue with a liberal. They're beyond argument. You might as well argue with your terrier. Take it from someone who argues with his hideous terrier all the time.
But if you do choose to argue with a liberal, understand that your purpose should never be to change the liberal’s mind. You're not going to change the liberal’s mind. Instead, if you choose to argue with a liberal, you should do it for one of two reasons – to either win over people who have not yet made up their minds, or to support people who already have begun to understand the truth.
The truth is that conservatism is an ideology that is in accord with natural law and basic human decency, while liberalism is merely the summit of a slippery slope leading down to the hellish depths of collectivist misery.
Liberals aren’t going to like to hear this manifest and demonstrable truth. So you’re going to get called “racist,” “sexist” and “homophobic,” even if you’re a conservative black lesbian."
- Continued on next post 1 of 2
Chart shows that 26.87 was a 5th wave top (we hit 26.89). We should be heading into a down trend for a while now. This would also mean (and rightfully so in my opinion) that we have had a lower high from our previous run up to 27.14 with this current high of 26.87. 2 Year Daily MACD and RSI look like they are ready to roll over as well. Good luck to all.
Thanks for posting Sharpie! This is really good news! Nobody likes this monstrosity called Obama Care! Not any part of it!!! The entire law (all 2,000 pages of it) needs to be repealed in its entirety!
Yes, we are in a Wave 2. A wave iv scenario was clearly over once we passed the 50% retrace from 20.23 - 27.14 at 23.68 (23.68 = 50% retrace). I don't use software at this juncture for EW analysis, just my self made Excel spreadsheets. My trading platform allows for some fib time extension tools though and use the from time to time.
Good Morning Sharpie. Don't have the time frame per say, but I suspect we enter uptrend on Monday or later today. Might just close at 20.92 today (that is just a guess on my part). But as for a price point on this next Major wave up, chart shows 39.95 as probable top for Wave 3. My feelings are that it will might just extend the wave to 2.62% to 47.86 to coincide with the Major Wave 1 17.78-29.17 projected Wave 3 of 47.62. Would not surprise me if it fit in your time frame as we know W3's happen fast and furious. :)
One other thing to note at the moment, from price points of 27.66 (yesterdays high) down to 26.32 (todays low), we have retrace 38.2% to 26.83. 38.2% is a strong finishing price point for a Wave 4 before continuing down to finish Wave 5 at 25.83 to complete A ( I'm thinking).
Wow, funny how liberals like to change the definitions of words in order to suit own conclusions irregardless of facts...lol. I will quote my last post and keep this short as to quote from above... "“What is the best way to argue with a liberal?” This is silly, because there is no best way to argue with a liberal. They're beyond argument. You might as well argue with your terrier."
During the Revolutionary War, the founding fathers were not liberals, but Conservatives fighting against Tyranny from an evil socialist / liberal / dictatorial monarch called King George. You can't rewrite history and change definitions and facts to fit your conclusions...lol.
One final point, a government that takes a home owners money through the form of property taxes ( legalized theft ) and then turns around and lets you claim a small deduction on the interest is not "government welfare". Pay attention here because this is profound and may help you in your flawed concepts. IT'S OUR MONEY TO START WITH. NOT THE GOVERNMENTS. THIS IS THE PREMISE FROM WHICH ALL THOUGHT MUST START! We earn it through working. They don't get to let us keep it through "interest deductions", They are stealing what is ours to begin with!
1. If they (the liberal / socialist) could only get more of other peoples money it would workout fine.
2. Communism always creates two classes. Poor miserable slobs who work and never get ahead. Ruling elite that doesn’t work, doesn’t obey laws, and hoards all the riches.
3. Coming soon to an Obamanation near you!
Not sure what you're using for data price points for wave A (please let me know), but sticking with my previous post's numbers from last week (Friday) or very close to them. Minimum should put us at 24.95, I think lower though.
I concur with Sharpie here. I think we head to 23.38 at least from here. Volume has gotten lighter and lighter on the last few upswings. First chart shows the 23.38 price point and second chart shows a 21.98 price point. One other point of interest is that yesterday 07-21-2014 (Monday) was the 61.8% fib time ratio from when we started up on June 2nd. This is one of a few key fib numbers and so it would not surprise me if we started that trip down to the aforementioned price points.
Hey Sharpie, this is my late reply to your pre long weekend query asking if I had anything to add. Sorry about the delay,
I'm thinking we get a small bounce here to either 25.79, 25.87, or most likely 26.08 before we head back down. This would then fill the gap from this morning.. Just a hunch.
Hey Sharpie, my hats off to you sir. You explained and articulated the EW emotion, wave counts, patterns, and remaining basics listed above extremely well! Great job my friend of explaining the gist of it all very succinctly and to the point. Great Job Sharpie!!!!!!!!!!
Trends and patterns are important to recognize too. I actually have graph paper sitting next to me that I doodle on from time to time with price EW patterns. I read that if you write things down instead of just typing them on a PC, it helps the cognitive process and also the memory as well. Mostly use the EW Excel spreadsheets with the trading platforms though. I liked your Joke SBD, pretty good.
Hello Sharpie. Been really busy the last few days and so my apologies if I have missed any posts directed at me. But at a quick glance, it looks like we are in your first count which is the I, II, i, ii, of III. Wave III will peak at a minimum of 22.44 or higher (using price points of 20.03 - 20.95 for Wave I). If we are in an ABC up though and have one more leg down, then we would peak at 21.87 and either come down for a double bottom or maybe a large (double bottom 100% retrace at 19.33.
I think we are in the first scenario where we will go to the 22.44 and are in an uptrend now for a few reasons. First, we hit the 78.6% time retrace on Monday (06-02-2014) and that is a typical W 2 retrace fib. Things to pay attention to are 1. Volume 2. Price (ie...the 21.87 or the 22.44) 3. The EW type of pattern (ie... meaning that if it is a five wave structure (which is an up trend) or a 3 wave structure (which is an ABC trend usually indicative of a corrective retrace / counter trend type pattern). But this is crucial, in an ABC retrace pattern, the final C wave will always end in a 5 wave structure. I know that sounds a little counterintuitive saying that an ABC is a 3 wave structure and then saying that the final C pattern is always a 5 wave structure, but once you get the hang of it, it's easy to spot and makes sense. I am going to stop typing now, sometimes thoughts just get carried away and fingers don't stop typing. :)
Sure, anytime. Let me know if you see something that I might not have or any other thoughts. This works great when more eyes and thoughts are all working together. Thanks for you posts too.
If 20.23 holds, we should move up to a minimum of 21.87 or 22.44 (22.44 most likely) from here for a small / medium Wave 3 up comletion. Noticed that volume on the Wave 1 yesterday was pretty strong and that the volume on the retrace was weak yesterday and weak / below average this morning.
Hello Sharpie. Good job posting the 10-day (and other) moving averages as possible setups for A to B transition.
" Cowboy have you seen the 1.786 extension work in retraces or in fifth waves ?" No, never, however, once A retrace in an ABC has stopped and started into B (counter retrace), the B wave will usually retrace towards the 50%, 61.8%, or the 78.6% level of A. Now Wave A on occasion will do a five wave a, b, c, d, e instead of a typical three wave a, b, c. Remember this critical point though... a C wave will ALWAYS end in a 5 wave structure (and that will signal the reversal).
Hello Sharpie my friend! I need to see what "A" is in the A, B, C move down before I can pin down a good B and C move. However, that being said, I very much agree with you based upon the current price points, that C should at least go down to a minimum retrace of 23.60. Additionally, I looked at the time frame aspect this morning and saw that from our last move down to the start of this move up, and to where we are now shows that a 50% time retrace will hit tomorrow on 07-10-2014 (Thursday). Looking for move around 10:48 AM tomorrow, but that is just a total guess (would be happy getting the time right within a couple days...lol)
Don't forget that the FED minutes are this afternoon at 1:00 PM cst and should be posted for us at 1:15 PM cst. Also, I have one other chart that shows we might hit 27.87, so be watchful of that. Kind of doubt we go there because there is soooo much resistance here at the 27.14 and 27.21 levels. But you never know with the FED and how that may move things.
On a final note, I guess I was wrong yesterday with my post saying that 26.89 should be the top, my apologies for that. Good Luck To All!
Keep posting your thoughts Sharpie and all the others like SandyB, Mosesonwall, Kaz, and many others that I may have missed. Good to read everyone's thoughts.