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RE: DOW update 24.01.18
I expect a bigger, long lasting correction with some crashy days sprinkled in. It is long overdue. If a few thousand points down and up and down in the DOW is "crash" to you, then my answer is yes. S&P and NASDAQ will go with it of course.
Will the new Fed chief try to intervene? Most likely. But will he be able to prevent this from happening? I don't think so.
Dear Ew - yes I agree I too expect a long lasting correction. Was just wandering the timing from the Elliot Waves.
My concern is that if there is a major downturn in stocks, just like in 2008 and all bear markets correlations go to 1 and all assets will fall including cryptocurrencies.
I have been following you for a while and you say the best year yet will be 2018 in crypto currencies but if in 2018 S&P, DOW crash then cant imagine cryptocurrencies having a good year.
Btw my view of crash is a 50% fall in stocks (not 1000 point drops which is barely 4%, greater than a bear market of 20% from peak.
Your thoughts would be most appreciated. Do you see a rise again and a major crash in 2019 or do the charts show a crash in mid July 2018?
It is too early to say. I need more price data for even the slightest prediction.
But I think this will be great for cryptos if stocks go down.
A lot of big hedge funds will start taking profits from this 10k rally and you know the money needs to go somewhere... They can't just have it in the bank account because that is way too expensive. If they can't invest in stocks they willl go to bonds and maybe put some into cryptos ;-) And by some I mean hundreds of billions.
Yes indeed. I hope this is the case. Instead of the money going into bonds to go into Cryptos. This may make sense. Hedge funds wont put money in the bank, they will use the cash as margin to short the market. My cousin runs a multibillion tech hedge fund in New York and always trades long-short.
I hope this is the case and cryptos continue to strengthen.
Do your Elliot waves say another high in stocks or has the long lasting correction started in Stocks?
It says 30k is possible in wave 5. But if this correction turns out very deep, then wave 5 is already done. There is no way of knowing for sure
OK so don't know whether this was the top in the Dow or could go to 30k.