"Believe it" is a technical pattern I recently stumbled upon thanks to another astute investor. While I'm not strictly following it, the factors involved have allowed me to tweak parameters and observe for any information value. Hence, this week's title dedication.
Elliott Wave Theory (EWT) remains my primary and governing perspective for understanding where stocks are in both price level, AND TIME, using historic SPX to generally represent stock prices. Within EWT it is vital to understand sentiment and related factors influencing it. In that area, multiple indicators are accumulating to align as favorable backdrop for a wave 5 movement. "Believe it" is yet another indicator to help affirm evidence of behavior within market information flow reflecting sentiment.
Quite simply by using common sense, and less technical, on Friday 4/13 there was low volume and a very real threat of confrontation about Syria. Yet, Bears and skittish sellers failed to move prices lower. Conversely, hedged bulls and those sidelined with cash are just waiting for the storm to blow over to unwind hedges and deploy cash. Add in corporate buybacks now that earning period blackouts are ending and it should be pretty clear where the catalysts are for wave 5.
Nice when things align. Believe it.
Elliott Wave Theory (EWT) remains my primary and governing perspective for understanding where stocks are in both price level, AND TIME, using historic SPX to generally represent stock prices. Within EWT it is vital to understand sentiment and related factors influencing it. In that area, multiple indicators are accumulating to align as favorable backdrop for a wave 5 movement. "Believe it" is yet another indicator to help affirm evidence of behavior within market information flow reflecting sentiment.
Quite simply by using common sense, and less technical, on Friday 4/13 there was low volume and a very real threat of confrontation about Syria. Yet, Bears and skittish sellers failed to move prices lower. Conversely, hedged bulls and those sidelined with cash are just waiting for the storm to blow over to unwind hedges and deploy cash. Add in corporate buybacks now that earning period blackouts are ending and it should be pretty clear where the catalysts are for wave 5.
Nice when things align. Believe it.