Big Bang Or Bust

By: Joseph Russo | Sat, Jun 7, 2008
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Two Sides to Every Argument:
From an Elliott Wave perspective, one can argue with good cause, that the Dow Jones Industrials are en-route toward retesting the depths of their 2002 bear market lows. The magnification of weekly closes from the October 2007 top, display a textbook series of impulsive declines at three degrees of trend. Case closed:



Objection:
Bullish perspectives also remain plausible. The bullish argument, backed by 34-years of stunning accomplishment from the depths of their 1974 bear market lows, the Industrials show no sign of structural breach at their largest degrees of trend - at least not in nominal terms. Case closed:



The Grand Jury at Super-Cycle Degree Denied this Hearing:
The argument as to which wave structures prove to be correct is irrelevant. What is relevant is the fact that such possibilities exist. Given that guidelines to these distinct structures are identifiable, the means by which one respects their evolving message is of utmost relevance and practical utility.

Two Sides to Every Trade:
Elliott Waves are on neither side of any trade, tactical market orders are. As we attempted to convey in Strategic Command and Control, wave-counts play a minor role in executing trade and investment strategy. What govern successful strategies are respected disciplines together with tactical deployment of speculative capital that responds to real-time price action regardless of ancillary wave guidance. Wave counts serve only as a general guide in monitoring which outcome currently has the upper hand.

Wave Counts and Trading:
The take-away is this: Although exquisite and impressive in both hindsight and real-time, Elliott Wave analysis serves only in providing forward vision to several plausible paths the market will take in its dynamic evolution, especially at the largest degrees of trend. By effectively monitoring guidance systems of this profound nature, one can then begin to develop investment and speculative strategies to profit smartly from the vast array of endless possibilities the wave structures will inevitably adopt. Defined clearly, strategy-specific rules of engagement together with accurate wave guidance will soon have one trading like a Spartan Warrior.


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Joseph Russo

Author: Joseph Russo

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo

Since the dot.com bubble, 911, and the 2002 market crash, Elliott Wave Technology's mission remains the delivery of valuable solutions-based services that empower clients to execute successful trading and investment decisions in all market environments.

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating their exposure to the financial markets.

Since the official launch of his Elliott Wave Technology website in 2005, he has established an outstanding record of accomplishment, including but not limited to, ...

  • In 2005, he elicited a major long-term wealth producing nugget of guidance in suggesting strongly that members give serious consideration to apportioning 10%-20% of their net worth toward the physical acquisition of Gold (@ $400.) and Silver (@ $6.00).

  • In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."

  • On May 6 of 2007, five months prior to the market top in 2007, though still bullish at that time, he publicly warned long-term investors not to be fooled again, in "Bullish Like There's No Tomorrow."

  • On March 10 of 2008, with another 48% of downside remaining to the bottom of the great bear market of 2008-2009, in "V-for Vendetta," using the Wilshire 5000 as proxy, he publicly laid out the case for the depth and amplitude of the unfolding bear market, which marked terminal to a rather nice long-run in equity values.

  • Working extensively with EasyLanguage® programmer George Pruitt in 2010 and 2011, the author of "Building Winning Trading Systems with TradeStation," he assisted in the development of several proprietary trading systems.

  • On February 11, 2011, he publicly made available his call for a key bottom in the long bond at 117 '3/32. Within a year and half from his call, the long bond rallied in excess of 30% to new all time highs in July of 2012.

  • For the benefit of members and his general readership, he responded to widespread levels of economic and financial uncertainty in the development of Prudent Measures in 2012.

  • He publicly warned of a major top in Apple on October 26, 2012 in the very early stages of a 40% decline from its all time high.

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TRUE MONEY SUPPLY

Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/