I know I am supposed to comment on the S&P, Strait Times, All Ords and Sensex. But over the weekend, I received a number of requests to do an analysis clearly identifying Nature of Trends Material (NOT), Market Profile and Ray Wave.
I am happy to oblige. The link for the video is: http://www.tradingsuccess.com/download/811-blog/811-blog.html
There are a few points I want to make.
- There are no Ray Wave Counts. The RW is best used in directional markets; the Market Profile in rotational. The RW material lies in the ratios used to identify the possible resistance zone.
- My starting point is the theme that the massive increase in M3 will force the FED to raise rates, probably after the elections. This is a continuation of the theme that enabled me to identify the coming of the sub-prime crisis long before the crisis hit.
- I say in the video that the 12-m Upthrust was confirmed (by the June bar)…..This was a poor choice of words. The Upthrust will not be confirmed until we see lower lows and lower highs after acceptance below the October low at 768. What I should have said was: “The June bar increased the probability of a valid Upthrust Change In Trend pattern”.