The figure given for the .382 Fibonacci retracement near the front of the video on the NDX weekly chart was miscalculated by the computer because the October low was incorrectly placed. The actual .382 calculation should have been 12,856.49 and Thursday's high of 12,880.98 was a perfect hit within 0.19%!!

Peter Eliades said:

The figure given for the .382 Fibonacci retracement near the front of the video on the NDX weekly chart was miscalculated by the computer because the October low was incorrectly placed. The actual .382 calculation should have been 12,856.49 and Thursday's high of 12,880.98 was a perfect hit within 0.19%!!

Thanks for the update and all you do for us Peter. I was wondering about that when I watched so thanks for the correction

Peter, thank you so much for your work. I always appreciate your integrity, honesty and skill in these crazy markets. You are a true gift to traders.

Great work Peter! Do you chart the $US vs the SPX. During the last 13 months when ever the $US has broken out of a consolidation of it's upward move (on a daily chart), the market peaks + or - a couple days. Check out the breakout last Friday. Again, Great Work, I like your toolbox.

Peter, Love Long Updates. Even though repetitive Please always click on box so projection numbers can be seen. Thanks~ D

Some are suggesting books cooked on Employment numbers. Yes, always revisions but NOT Big ones. IF Friday’s Employment no is bad. The rally in $US will be short lived & collapse in gold would be reversed? ~Dorothy

We are being told that the U.S. economy added 517,000 jobs last month, but that isn’t true.  Sadly, the truth is that the U.S. economy actually lost 2.5 million jobs in January.

https://noqreport.com/2023/02/04/dont-be-stupid-the-u-s-economy-actually-lost-2-5-million-jobs-last-month/

kwmurphy2939 said:

Sorry Peter, you don't know Elliott Wave, 4 cannot overlap 1. The decline is clearly corrective all the way, but that doesn't mean it can't go far or last long.

Peter is correct in his wave count. This is a leading diagonal of Intermediate Wave (1). In leading diagonals, the main requirement is that Wave 4 needs to overlaps over Wave 1. You can confirm this on Robert Prechter's classic textbook "Wave Principles" in which the rules of leading diagonal are outlined. Alternatively, you can check with Elliot Wave International. Their analysts also label it as leading diagonal. Most top Ellioticians are expecting a huge decline soon to be unfolded in the coming days - their views align with Peter's bearish stand.

benjamintang713642 said:

kwmurphy2939 said:

Sorry Peter, you don't know Elliott Wave, 4 cannot overlap 1. The decline is clearly corrective all the way, but that doesn't mean it can't go far or last long.

Peter is correct in his wave count. This is a leading diagonal of Intermediate Wave (1). In leading diagonals, the main requirement is that Wave 4 needs to overlaps over Wave 1. You can confirm this on Robert Prechter's classic textbook "Wave Principles" in which the rules of leading diagonal are outlined. Alternatively, you can check with Elliot Wave International. Their analysts also label it as leading diagonal. Most top Ellioticians are expecting a huge decline soon to be unfolded in the coming days - their views align with Peter's bearish stand.

I agree the only thing I’m a bit dubious about is whether the restracement has went far enough. It could easily go to the 50% mark as well. If we only look at the Nasdaq it’s a short wave two.

‘‘I can remember having shorted stocks in early December 1929 after having completed a satisfactory short position in October. When the slow steady advance of January and February (1930) carried above previous intermediate highs, I became panicky and covered at considerable loss. With losses piling up every day, I forgot that the rally might normally be expected to retrace possibly 66% or more of the 1929 downswing. Nearly everyone was proclaiming a new bull market. Services were extremely bullish, and the upside volume was running higher than at the peak in 1929” (Robert Rhea)

This actually describes the sentiment of a wave 2

benjamintang713642 said:

kwmurphy2939 said:

Sorry Peter, you don't know Elliott Wave, 4 cannot overlap 1. The decline is clearly corrective all the way, but that doesn't mean it can't go far or last long.

Peter is correct in his wave count. This is a leading diagonal of Intermediate Wave (1). In leading diagonals, the main requirement is that Wave 4 needs to overlaps over Wave 1. You can confirm this on Robert Prechter's classic textbook "Wave Principles" in which the rules of leading diagonal are outlined. Alternatively, you can check with Elliot Wave International. Their analysts also label it as leading diagonal. Most top Ellioticians are expecting a huge decline soon to be unfolded in the coming days - their views align with Peter's bearish stand.

I agree the only thing I’m a bit dubious about is whether the restracement has went far enough. It could easily go to the 50% mark as well. If we only look at the Nasdaq it’s a short wave two.

‘‘I can remember having shorted stocks in early December 1929 after having completed a satisfactory short position in October. When the slow steady advance of January and February (1930) carried above previous intermediate highs, I became panicky and covered at considerable loss. With losses piling up every day, I forgot that the rally might normally be expected to retrace possibly 66% or more of the 1929 downswing. Nearly everyone was proclaiming a new bull market. Services were extremely bullish, and the upside volume was running higher than at the peak in 1929” (Robert Rhea)

This actually describes the sentiment of a wave 2

kasparbredahl2595 said:

benjamintang713642 said:

kwmurphy2939 said:

Sorry Peter, you don't know Elliott Wave, 4 cannot overlap 1. The decline is clearly corrective all the way, but that doesn't mean it can't go far or last long.

Peter is correct in his wave count. This is a leading diagonal of Intermediate Wave (1). In leading diagonals, the main requirement is that Wave 4 needs to overlaps over Wave 1. You can confirm this on Robert Prechter's classic textbook "Wave Principles" in which the rules of leading diagonal are outlined. Alternatively, you can check with Elliot Wave International. Their analysts also label it as leading diagonal. Most top Ellioticians are expecting a huge decline soon to be unfolded in the coming days - their views align with Peter's bearish stand.

I agree the only thing I’m a bit dubious about is whether the restracement has went far enough. It could easily go to the 50% mark as well. If we only look at the Nasdaq it’s a short wave two.

‘‘I can remember having shorted stocks in early December 1929 after having completed a satisfactory short position in October. When the slow steady advance of January and February (1930) carried above previous intermediate highs, I became panicky and covered at considerable loss. With losses piling up every day, I forgot that the rally might normally be expected to retrace possibly 66% or more of the 1929 downswing. Nearly everyone was proclaiming a new bull market. Services were extremely bullish, and the upside volume was running higher than at the peak in 1929” (Robert Rhea)

This actually describes the sentiment of a wave 2

I agree with both of your comments. Yes, the current sentiment is consistent with that of Wave 2. The psychology of herding can be so overwhelming that even the best can succumb to it (and switch their position to bullish). And yes, you are correct in that the retracement can go further to 62.8%...which means further pain to the bearish people (including myself). We shall see it that happens in the coming days. All the best with your trading/investing. Regards, Ben.

Not sure why my comment was deleted. You had more downside projections on TSLA. Now you're bullish on it?

ES looking at the projections. We need to get below 3968 by 2/26 so we have some time here to invalidate the 48. With all upside targets hit besides the 48 on the daily I feel like we have a good shot to invalidate it here in the next three weeks.

The 39/40 on the weekly is about to trigger so we do need to head down here for the next couple weeks. The good thing is we should finally get something figured out

VIX is a whisker below downtrending line cheering for a breakout to upside. ~ Dorothy

dcarter8883312 said:

Some are suggesting books cooked on Employment numbers. Yes, always revisions but NOT Big ones. IF Friday’s Employment no is bad. The rally in $US will be short lived & collapse in gold would be reversed? ~Dorothy

We are being told that the U.S. economy added 517,000 jobs last month, but that isn’t true.  Sadly, the truth is that the U.S. economy actually lost 2.5 million jobs in January.

https://noqreport.com/2023/02/04/dont-be-stupid-the-u-s-economy-actually-lost-2-5-million-jobs-last-month/ Can we please agree to NOT use Q-Anon publications for non farm payroll figures from the government? Sure, the government doesn't always tell the whole story, but Powell isn't an alien and he doesn't work for Russia and China and all the other conspiracies that might be part of news like this sample. Thank you for cleaning up the comment section.

I went long USO on Friday. We have hit all downside projections except the 39/40 weekly. We also have a major upside projection on the 100/110.

With all the daily and weekly's being hit on the downside within the last week I feel like this was a good time to try a long.

Peter I have a question on the 10/10.1 Weekly the projection was hit the week before it was given on the downside. Are we supposed to count that since it got into the lower projection

daniel039209

Before you make a leftist Q-Anon smear you may want to read about that independent news outlet: About: NOQ Report is an independent news outlet based in Southern California. Our focus is on delivering the truth in its purest form. As progressive mainstream media outlets push for a post-truth society in which groupthink demands that someone’s “personal truth” should supersede actual facts, the need to drill down to reality is self-evident.

Our worldview is driven by a conservative, Christian ideology. That does not mean we are “shills” for the GOP or American evangelical churches. We treat the news with the fairness the American people expect. That means exposing those on the left AND the right when wrongdoing is taking place. It means we must adhere to seeking the truth even when it does not necessarily suit the Republican agenda. Most importantly, it means that our lens through which we decipher and propagate the news must be crystal clear; there is no room for politically or religiously blurred vision when the truth is the only goal. ~ Dorothy

dcarter8883312 said:

Some are suggesting books cooked on Employment numbers. Yes, always revisions but NOT Big ones. IF Friday’s Employment no is bad. The rally in $US will be short lived & collapse in gold would be reversed? ~Dorothy

We are being told that the U.S. economy added 517,000 jobs last month, but that isn’t true.  Sadly, the truth is that the U.S. economy actually lost 2.5 million jobs in January.

https://noqreport.com/2023/02/04/dont-be-stupid-the-u-s-economy-actually-lost-2-5-million-jobs-last-month/ Can we please agree to NOT use Q-Anon publications for non farm payroll figures from the government? Sure, the government doesn't always tell the whole story, but Powell isn't an alien and he doesn't work for Russia and China and all the other conspiracies that might be part of news like this sample. Thank you for cleaning up the comment section.

daniel039209 said:

dcarter8883312 said:

Some are suggesting books cooked on Employment numbers. Yes, always revisions but NOT Big ones. IF Friday’s Employment no is bad. The rally in $US will be short lived & collapse in gold would be reversed? ~Dorothy

We are being told that the U.S. economy added 517,000 jobs last month, but that isn’t true.  Sadly, the truth is that the U.S. economy actually lost 2.5 million jobs in January.

https://noqreport.com/2023/02/04/dont-be-stupid-the-u-s-economy-actually-lost-2-5-million-jobs-last-month/ Can we please agree to NOT use Q-Anon publications for non farm payroll figures from the government? Sure, the government doesn't always tell the whole story, but Powell isn't an alien and he doesn't work for Russia and China and all the other conspiracies that might be part of news like this sample. Thank you for cleaning up the comment section.

Question to Peter or anyone experienced; how can we identify a bear market? what would indicate that we are out of the bear market and running in a bull market?

dcarter8883312 said:

daniel039209

Before you make a leftist Q-Anon smear you may want to read about that independent news outlet: About: NOQ Report is an independent news outlet based in Southern California. Our focus is on delivering the truth in its purest form. As progressive mainstream media outlets push for a post-truth society in which groupthink demands that someone’s “personal truth” should supersede actual facts, the need to drill down to reality is self-evident.

Our worldview is driven by a conservative, Christian ideology. That does not mean we are “shills” for the GOP or American evangelical churches. We treat the news with the fairness the American people expect. That means exposing those on the left AND the right when wrongdoing is taking place. It means we must adhere to seeking the truth even when it does not necessarily suit the Republican agenda. Most importantly, it means that our lens through which we decipher and propagate the news must be crystal clear; there is no room for politically or religiously blurred vision when the truth is the only goal. ~ Dorothy

dcarter8883312 said:

Some are suggesting books cooked on Employment numbers. Yes, always revisions but NOT Big ones. IF Friday’s Employment no is bad. The rally in $US will be short lived & collapse in gold would be reversed? ~Dorothy

We are being told that the U.S. economy added 517,000 jobs last month, but that isn’t true.  Sadly, the truth is that the U.S. economy actually lost 2.5 million jobs in January.

https://noqreport.com/2023/02/04/dont-be-stupid-the-u-s-economy-actually-lost-2-5-million-jobs-last-month/ Can we please agree to NOT use Q-Anon publications for non farm payroll figures from the government? Sure, the government doesn't always tell the whole story, but Powell isn't an alien and he doesn't work for Russia and China and all the other conspiracies that might be part of news like this sample. Thank you for cleaning up the comment section.

daniel039209 said:

dcarter8883312 said:

Some are suggesting books cooked on Employment numbers. Yes, always revisions but NOT Big ones. IF Friday’s Employment no is bad. The rally in $US will be short lived & collapse in gold would be reversed? ~Dorothy

We are being told that the U.S. economy added 517,000 jobs last month, but that isn’t true.  Sadly, the truth is that the U.S. economy actually lost 2.5 million jobs in January.

https://noqreport.com/2023/02/04/dont-be-stupid-the-u-s-economy-actually-lost-2-5-million-jobs-last-month/ Can we please agree to NOT use Q-Anon publications for non farm payroll figures from the government? Sure, the government doesn't always tell the whole story, but Powell isn't an alien and he doesn't work for Russia and China and all the other conspiracies that might be part of news like this sample. Thank you for cleaning up the comment section.

“OUR worldview”? Who the heck are you to push your view here. One more comment from YOUR worldview and I will ask Peter to get rid of you and YOUR worldview. Who gives a crap about your world view. Stick to business here Dorothy, have some sense of decency and stop clogging this section up. Also the US economy DIDNT lose 2.5 millions jobs in a month. There are 5.7 million unemployed. It DID NOT ago to 8.2 million people . Period. End of your comments that are completely inaccurate bordering on insane. Please , do us all a favor and comment on relevant topics. Period

Last updated 1 year ago