First up .....I trade what I see I don't predict if its up i tade up till it stops or turns down ... if its down i trade down till it stops or turns up .... if i dont know the direction I'm out or with options .... so its not my opinion its the opinion of arguably the best Elliotician on the planet....
Robert Prechter, founder of Elliott Wave International, has some unique charts that he uses to analyze the market. He correctly predicted the 1987 crash so when he speaks, people listen. It is interesting to see how he compares that time to the present. It doesn't look good!
Now here's the video http://www.youtube.com/watch?v=SjS60TaD_J8
Now, combine that video with the weekly charts of all three major indices. You have a head and shoulders top on all three. Furthermore, a head and shoulders top is one of the most reliable chart patterns known to technical analysts!
It looks like we are in for a bumpy ride!
Now here's the video http://www.youtube.com/watch?v=SjS60TaD_J8
Now, combine that video with the weekly charts of all three major indices. You have a head and shoulders top on all three. Furthermore, a head and shoulders top is one of the most reliable chart patterns known to technical analysts!
It looks like we are in for a bumpy ride!