Am I right or wrong?

[bean]

Well here we have it I say certain things and well
I am knock down
I am me I understand principles that most of you use
But I chucked then out the door
Though I stilll know what you may refer to (Google)
And please remember a light hearted conversation
but I will answer questions

 

[Sean K]

Re: Am I right or wrong

The earth is going to smash into the sun.

I will be right one day.

Last night the DJI had it first significant fall (just 80 points) for some time after rising just about ever day of the past month. Gold broke some support and is probably headed for 640 if it doesn't hold here. Gold fell because of $US strength linked to likeihood of rates on hold, while DJI was mostly profit taking after the sharp rally.

I don't see how you are right bean. Actually, I still don't really understand what you are on about.

Gold, Silver Fall on Reduced Demand for Dollar Alternative

By Pham-Duy Nguyen

May 24 (Bloomberg) -- Gold fell to a two-month low in New York as a gain in the value of the dollar reduced demand for the precious metal as an alternative investment. Silver also dropped.

Wall Street closes sharply lower on rate worries
Thu May 24, 2007 5:16PM EDT
By Kristina Cooke

NEW YORK (Reuters) - U.S. stocks fell on Thursday, as interest-rate concerns spurred investors to lock in profits from the market's spring rally.

 

[>Apocalypto<]

Re: Am I right or wrong

Well here we have it I say certain things and well
I am knock down
I am me I understand principles that most of you use
But I chucked then out the door
Though I stilll know what you may refer to (Google)
And please remember a light hearted conversation
but I will answer questions

Bean I knew you would come out with this call when i saw the indexes break trend yesterday.

yes in my books the short term trend from March is about to be confirmed broken.

Yes to your credit you called it for 2 weeks roughly now but, It anit hard to start saying this when everything is at record highs and the next logical step is a correction. many other members as well as my self have been saying the next step is a correction.

Thats the whole reason I did not renter the xjo. It struggled off its last break of its trend line, it was out of energy and showing warning signs.

Bean there was no technical proof coming from your posts. until yesterday there was still a chance it could have knocked out 6400.

But well done you called it! but it is not %100 going to happen yet! Bean it could go sideways then up again anything is possible in the markets!

That's why you have to listen to what the chart is telling you.

 

[SGB]

Re: Am I right or wrong

Well here we have it I say certain things and well
I am knock down
I am me I understand principles that most of you use
But I chucked then out the door
Though I stilll know what you may refer to (Google)
And please remember a light hearted conversation
but I will answer questions

Hi Nostra

Whats your next call!!!! Could we have it some time before the end of the financial.

Cheers bigfella

 

[bean]

Re: Am I right or wrong

Hi Nostra

Whats your next call!!!! Could we have it some time before the end of the financial.

Cheers bigfella

But my main thing was for all the rises in the US Gold Indexes I was not getting a buy signal. Yet they were rising on nearly the same amount of days. As the US Markets were
For those that do tech analysis
Ten day stock advance /decline if you get similar movement as today NYSE 0.75
Nasdaq will be similar.
Generally % wise when Nasdaq makes that approach first time drops 2% (on most occasions)
Just a few things that can turn with one more day down tonight. I have shorter and longer ones that will turn as well as various other things I use.

And that is why every now and then I say only takes two days to turn this market

 

[tech/a]

Re: Am I right or wrong

Just wish to get my head around this.

So Bean---you have called in your mind the top of the market in the Dow/S&P
All ords? As of today.

And why is this so important to you?

 

[nizar]

Re: Am I right or wrong

Or course you were eventually going to be right.
Just like those analysts.

They make a prediction about where the market will go. When they are wrong they make an excuse. Then when they are right they go on TV and beat their chests. After all, they were wrong, just early

Being wrong or early the same thing in this game. Is missing out on profit the same thing as making a loss? it is to me...

Well i hope you made money out of your call or else thats pretty useless. Analysis in which theres no profitable application is pretty useless to me.

 

[wavepicker]

Re: Am I right or wrong

Don't disagree wityh bean in any way, for those that use and believe in using fibonacci relationships, there are some nice fibonacci time relationships lining up on the DJIA monthly chart.(Fib sequence being: (1,1,3,5,8,13,21,34,55,89, 144 etc)
Are they of any signifinace?? Time will tell and it certainly looks that way from EW analysis. When pattern, price and time come together it usually points to a high probability of the trend changing As Gann said: When time is up, the trend must change
As for being right, that is an intellectual exercise IMO. Markets are there for making $$ and nothing else.

Cheers

 

[nizar]

Re: Am I right or wrong

So wave are you calling a top for dow/s&p500/XAO as well?

 

[wavepicker]

Re: Am I right or wrong

So wave are you calling a top for dow/s&p500/XAO as well?

Hi Nizar,

Picking tops to the day is a difficult business, and I cannot. I only know of one person(on this forum) who has been able to do that with any consistency.

I just think, given the technical evidence is so overwhelming ATM, we are in the ZONE for a reversal. I have basically run out of waves to count on the XAO. Cycles are pointed hard down. The 6370- 6415 is crucial for the bearish case here. If this market is going to peak, I believe it has to be in this zone. I mentioned in the XAO analysis thread 2 weeks ago it should be between then and mid June. A convincing break above 6415 would certainly question the validity of my number one wave count.
We have a stack of technicals in our favor to back this probability, as mentioned before, in terms of pattern, price and time cycles and when they come together I sit up and pay attention.. As such I am wary about taking any long positions. In the end the market will tell is what it wants do i.e is this only a mild correction or something deeper?? But I think caution is warranted ATM

Magdoran who has made some really good calls with dates and levels this year seems to think the 12th of June may be of significance

Cheers

 

[>Apocalypto<]

Re: Am I right or wrong

Or course you were eventually going to be right.
Just like those analysts.

They make a prediction about where the market will go. When they are wrong they make an excuse. Then when they are right they go on TV and beat their chests. After all, they were wrong, just early

Being wrong or early the same thing in this game. Is missing out on profit the same thing as making a loss? it is to me...

Well i hope you made money out of your call or else thats pretty useless. Analysis in which theres no profitable application is pretty useless to me.

Very well said Nizar.

 

[>Apocalypto<]

Re: Am I right or wrong

Don't disagree wityh bean in any way, for those that use and believe in using fibonacci relationships, there are some nice fibonacci time relationships lining up on the DJIA monthly chart.(Fib sequence being: (1,1,3,5,8,13,21,34,55,89, 144 etc)
Are they of any signifinace?? Time will tell and it certainly looks that way from EW analysis. When pattern, price and time come together it usually points to a high probability of the trend changing As Gann said: When time is up, the trend must change
As for being right, that is an intellectual exercise IMO. Markets are there for making $$ and nothing else.

Cheers

Wave, love your work.

Bean never said he used Fibb to my knowlage, I remember he said he used Eliot wave after tech brought it up, that seemed wired to me cuz he said he does not use charts.

Bean can you clear this up what analysis method do you use, or what is it based on?

 

[tech/a]

Re: Am I right or wrong

Agree with Waves and others.
Any analysis whether we can follow it or confirm it or agree/disagree is simply there to be proven or disproven (as Radge would say).

As Waves and Nizar point out---analysis without application is simply opinion.

Makes for discussion though.

 

[CanOz]

Re: Am I right or wrong

Makes for discussion though.

And interesting entertainment.

Cheers,

 

[Kauri]

Re: Am I right or wrong

I takes my hat off to you Mr Bean... well done.....
I personally gave up wasting energy on trying to right a whiles ago now, I found that for, myself, it is far more rewarding trying to be profitable.

 

[>Apocalypto<]

Re: Am I right or wrong

And interesting entertainment.

Cheers,

Leave that to me Can!

 

[The Mint Man]

Re: Am I right or wrong

Well here we have it I say certain things and well
I am knock down
I am me I understand principles that most of you use
But I chucked then out the door
Though I stilll know what you may refer to (Google)
And please remember a light hearted conversation
but I will answer questions

Is just me or does guy not sence?
I read over and over still cant sence of it.
I am me chucking up out doors.
Can someone please explain me what he may refer to? My eyes going Google :nuts:
I know to remember a light hearted coversation but stress making sence may cause my heart to explode.:microwave

Cheers

 

[CanOz]

Re: Am I right or wrong

I personally gave up wasting energy on trying to be right a whiles ago now, I found that for, myself, it is far more rewarding trying to be profitable.

Many have said it before, but they're words to trade by!

btw, i'm in cash too, stopped trading yesterday to do Nick's course. I've sworn myself to a 'no trading' rule so i can concentrate 100%.

Anyway, well said Kauri, good luck with your move.

Cheers,

 

[BIG BWACULL]

Re: Am I right or wrong

I googled bean and this came up

 

[CanOz]

Re: Am I right or wrong

lol! thats just how i pictured him!

Cheers,