Current chart is below. The recent rise could count as WC2 of 3 if it stops at current location and then reverses down with gusto.
If this stalls here, beware the elevator down syndrome. This could be a 1-2, 1-2. In that case a 3rd of a 3rd wave down could be on deck.
Avi says the bears have their backs up against the wall. I say that even a rally to the 61.8% fib would not convince me that this is breaking out. If Mickey Dees were to break down at this point it would be giving the market the middle finger AKA head and shoulders. If Mickey Dee goes into freefall I believe the market will not be able to withstand the selling pressure. WMT was bad enough but if fast food begins to collapse then find a bunker.
3 comments:
What are your thoughts on this? Not happening only on movies, what a joke
http://www.cnbc.com/2016/03/02/ex-chesapeake-ceo-mcclendon-dies-in-car-wreck-day-after-indictment.html
S
What are your thoughts on this...unbelievable
http://www.cnbc.com/2016/03/02/ex-chesapeake-ceo-mcclendon-dies-in-car-wreck-day-after-indictment.html
I think McClendon was an elitist piece of crap. He fudged every number that came his way, stole money in the name of loans and even stole the paid labor of CHK to have people work on his house. He represents everything that is wrong with exposing what might otherwise have been a good and God fearing man to a fake money supply that he knew exactly how to game, and game big.
McClendon has been in the sights of the legal system for a long time. He had avoided jail up until the time of his death but with the federal indictment he was probably going to either take the fall by himself or he would use what he knew about other elitist criminals in order to obtain leniency. The FBU has had a heart attack gun for a long time. You can see past congressional members holding it in their hand on youtube and you can hear how the darts it fired were meant to fake a heart attack.
At the same time there have been more and more stories about government agents being able to take control of vehicles and then using that control to speed down the highway and crash into something. Of course I don't know for sure what is true but I did predict well in advance that important people would finally be taken to task for their illegal crap and that it would be the beginning of the end of the criminal cartel that has been in control of our government and our economy.
Please keep in mind that McClendon was slated to turn himself in for conspiracy. That means that he conspired with other as yet unnamed elite co-conspirators in order to rig bids for oil and natural gas leases. We are not told who the land owner is but it would not surprise me to find that it is the federal government.
So here we have a man who was not considered a flight risk because the police were allowing him to turn himself in. And then on the day that all hope was lost that he would have the legal stroke to avoid putting himself into the hands of the gleefully waiting interrogation team, he "pretty much drove straight into the wall".
I don't know what happened but there just seems to be a whole lot of coincidences happening there and you KNOW I'm not a big fan of believing in coincidences. If this was a murder, I wonder if it will cause one of M's co-conspirators outside of government to now fear for their life. I wonder if some unexpected person turns himself in now and begins talking. These are the kinds of unintended consequences that historically bring down organized crime. And make no mistake, "elite" is code word for organized crime.
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