Tuesday, May 11, 2010

Shanghai composite long term

What a week of trading its been! First things first, I got my view on silver wrong, big wrong....the market told me that today. I'll assess the bullish alternate in a bit, but sentiment on gold and silver is at 98%, viz. just 2% sellers. U can't really buy unless i want to sell it to you right? So, we will see where they go as the days progress. In the far east, the shanghai composite turned into a bear (surprising??) today, as it dropped 20% of its recent peak. Thought I'd just take a look, and the picture certainly does not seem any bit rosy. I really haven' t had the time to scan the subwaves, but the broader picture is clear. The drop off the all time highs is in 5 waves, with the Elliott Channel way too beautiful. The bounce from the bear market lows is corrective, and perhaps we have begun the 1-2, 1-2 again. Time will tell; however, i'd prefer this count given the EU's supposed action plan to stem the rot in Europe. YOU OWE ME 100 BUCKS, WHICH U CAN'T REPAY, SO I GIVE YOU ANOTHER 100 BUCKS. As simple as that. Bigger, and worse still, delayed. Mother nature will have her revenge. Happy trading guys.


NBD said...