2008 Resolved

By: Joseph Russo | Sun, Dec 30, 2007
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"Who is the judge? The judge is God... Why is He God? Because He decides who wins or loses, not my opponent ... Who is your opponent? He does not exist.... Why doesn't he exist? Because he is a mere dissenting voice of the truth I speak."

The above quote comes from the film "The Great Debaters" directed by Denzel Washington. The Great Debaters was inspired by Wiley College, a traditionally African-American school in Marshall, Texas, with Melvin Tolson, its iconic debate coach.

In the film, Melvin Tolson (played by Denzel Washington) calls each potential debater trying out for the team into what he called the "hot spot." He marks it in chalk -- a white box drawn on a wood floor. For Tolson, it's more than a box: It's a battleground. One by one, he invites would-be debaters to step inside and fight -- not with guns or knives, but with diction, logic and passion.

"Debate is blood sport," he says in the film, "It is combat." Sounds a lot like speculative trading and investment, doesn't it?

Like trading, debating is such a disciplined and sophisticated activity, that winning does not come without extreme hard work and preparation. Patience, logic, and passion are essential prerequisites.

Trading too is a blood sport. Traders and Speculators find themselves in the "hot spot" and on the battleground whenever a position is opened and one's capital is at risk.

Speculative trading and investment - RESOLVED
The otherwise irrational markets in which one elects to speculate, in fact - behave in a rational and predictable fashion if one knows how (or is shown how) to properly interpret the price-action-landscape before them.

Price-fluctuations are inherently ordered to confuse and instill fear-of-loss in the majority of participants. Despite such harsh realities, Elliott Wave Technology remains steadfast, employing a mix of proprietary methodology so as to accurately and consistently frame the price-action with the highest level of precision imaginable.

Although we maintain directional opinion as to the larger destination of price over the long-run, - such opinion is subject to change, or be postponed contingent upon the near-term price-action in the short-run.

Consider this:
All one needs to drive safely in the dead of night is the ability to see the 200-feet of road ahead. At 200-feet of visibility, one can safely navigate and traverse thousands of miles to one's desired destination. Such an approach embodies Elliott Wave Technology's fine-tuned discipline in presenting the ongoing landscape for active trading and speculation.

Below, we have taken the liberty to modify Tolson's mantra for active and would-be traders:

"WHO IS THE JUDGE?

THE JUDGE IS THE PRICE ACTION...

WHY IS IT THE PRICE ACTION?

BECAUSE THE PRICE ACTION DECIDES WHO WINS OR LOSES, NOT MY OPPONENTS...

WHO IS YOUR OPPONENT?

HE DOES NOT EXIST....

WHY DOESN'T HE EXIST?

BECAUSE HE IS A MERE DISSENTING VOICE OF THE PRICE ACTION I TRADE."

Short-Term Trading Summary
Our proprietary charts graphically depict the dynamic price-action landscape as it unfolds. We carefully draft the analysis to be free of bias, highlighting most, if not all of the pending trade-triggers and counter-trend buy/sell probes which we telegraph well-ahead of the current price data.

Below is graphic summary of trade-triggers and price-target objectives successfully identified via Elliott Wave Technology's Near Term Outlook from mid November through December 28.

Make your 2008 New Year's Trading Resolution a commitment to RESOLVE the markets with the guidance provided by unparalleled accuracy of the Near Term Outlook.

The chart above is not a working analysis chart, but rather a graphical summary created to reflect the net effect of our ongoing analysis.

The three charts that follow are the "working-charts" with commentary provided in real-time to our clients.

The chart below illustrates that previous mentioned price-path guidance was absolutely correct in anticipating additional lows for the move.

Note: The "last key pivot" chart referenced in the real-time commentary above is not shown in this articles presentation.

Bear in mind, we do not predict prices, nor do we issue specific buy and sell recommendations in advance of trade-triggers, counter-trend probes, or upon price-targets achieving objectives.

Although we graphically identify explicit entry-triggers along with point-values and price-target objectives, decisions to place orders and manage trades through fruition are the sole the responsibility of each individual.

Elliott Wave Technology invites you to make your 2008 New Year's Trading Resolution a commitment to RESOLVE the markets alongside the guidance provided by unparalleled accuracy of the Near Term Outlook.

The Near Term Outlook covers the short-term Dow, S&P, and NDX five-days-per-week, and issues near-term updates for the Dollar, Gold, Crude Oil, and the HUI two times per week.

Trade Better / Invest Smarter...

 


 

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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