Martin Armstrong
The panic cycle showed up last week, and it's still in the Array posted yesterday.
There is likely going to be some downward movement tomorrow in the down. A panic cycle is a reversal or a capitulation, and of course, sometimes nothing. Nothing seems unlikely given today though.
So, my opinion, is that the panic cycle will be a intraday bottom and large recovery. Taking out today's high is just a maybe.
It looks like there is going to be a major turning point on the 21st and 27th. The weekly turning point on Dec 19th includes in it the 21st daily turning point, and the 27th is not during a week with a turn.
I also want to remind everyone what Martin Armstrong said about the weekly array, which I posted recently.
That is that the dow may pause and retest support, and then rally until January. I assume this means the week beginning Jan 2nd, since that is a major turning point. After that is a real risk of a contraction. We may be on the way to testing a support line right now.
When they speak in non committal terms, it means they think that is what will happen, but they don't want to be held to it later in case it's wrong, which will happen to everybody who tries to predict the future.
What price might the support be? He lists 18813, but that seems really far from here (1000 pts) but this might take until the 21st so I suppose it's reasonable.
I just got an email from Bo Polny saying the 15th is probably the last day before major crash. I don't advise trading that.
Hello,
ReplyDeleteYour blog is interesting. I have been experimenting with the Evolution System for a few weeks, and I would like to ask a question. Do you think it is better to open a position just before the market close? Because, the signal sometimes changes during course of the day. Even though a stock gives us a buy signal in the morning, it can be negated in the afternoon because of sell-off. What do you think?
I would look at the daily chart, and then confirm it on a 30-minute chart with all the same indicators.
ReplyDeleteThat's an interesting idea. I will experiment with it. Thank you.
DeleteIt doesn't look like there will be much of a panic cycle today, unless something major happens intraday. Maybe we can take out yesterday's high but that's not much of a panic.
ReplyDelete