You may be familiar with Dr Elder’s other website, which he runs with friend and partner Kerry Lovvorn – SpikeTrade.com. There they monitor markets and publish daily reports.
To show you the precision and value they provide for members, Dr Elder asked me to share with you his Wednesday evening post.Read it, view the chart, and consider becoming a member of SpikeTrade.com
Subject: The worse it gets – the better the promise
May 11th, 2022 8:05pm EDT - NH-NL by Alex
Just like a pretty crazy top in December 2021 created excellent shorting opportunities, the current crazy bottom being traced will create excellent buying opportunities. The challenge is to approach this bottom with cash in hand and a stable mental attitude. Both require an ability to cash out and/or take losses as soon as prices begin to slide. If you haven’t done it this year, chalk it up to experience and use it as an unforgettable lesson for the rest of your trading life. Extract this value from the current nastiness. “The first loss is the best loss.”
Let’s take a look at our charts…
For the second day in a row, the market had a strong morning and a week afternoon. I have written repeatedly that openings are dominated by amateurs, who place their orders before going to work, and the closings by the pros who trade all day and are especially active near the close, when they unwind positions established in the morning.
My eyes are on the weekly NHNL, which sank today to a –5742. If it stays below – 4000 until the weekend and then rallies above that level, we will see a Spike signal. It is, in my experience, the strongest buy signal in technical analysis. I wrote about it on Monday, and Kerry expanded on it on Tuesday. We will be following up on that, for sure.
Best wishes for the rest of this week. I’ll be writing SpikeSpeak this Sunday.