Saturday, September 26, 2009
I am agnostic about Elliot Wave stock charting.
But, as I see it, there are two basic views of those who follow Elliot Wave.
On the one hand, Mish and McHugh think we might be on the verge of a major wave c down crash.
What does this mean?
Basically, a second major leg down in the stock market, just like the second leg down of the Great Depression.
On the other hand, in various recent interviews, Marc Faber - who also follows Elliot Wave - believes that (with some corrections along the way) the market will go up for the next 3-4 years. He then believes the entire capitalist system will crash, but that's another story.
So will we get a major wave C down crash in the near future, like Mish and McHugh think will probably happen?
In 3-4 years, as Faber thinks will happen?
Or not at all?
I don't know. But I think the spectrum of opinion from smart people is fascinating.