Now they have a new guy in there and of course he's going to fix everything.
So what does the chart tell this Elliottician? Simply that a significant bottom is already in or very near. For the sake of being conservative I would like to see it throw under the lower rail but the tiny wave count also suggests that the count could be complete (blue). If complete, it should begin to gap up or trend up strongly very soon. Otherwise we could see one more move down per red before beginning to recover sharply.
Now some of you might be thinking, what is this guy talking about. Why should we listen to this guy who is not even on TV? Well, look folks, being on TV doesn't mean jack shit. In fact, the reason I am here posting this right now is because I saw a headline recently where Cramer said to stay away from GNC until they have a good quarter. I mean, hey, it's Cramer. He has a TV show and all, right? Therefore he must know something the rest of us don't. Of course this is just herd think. But don't take my word for it. Look at what Cramer was saying about GNC back on Oct 8th 2014. If you clicked the link it was Cramer blathering on about how the shares could "more than double". The shares were trading in the 30s then, now they are below $20. Well, so much for good old buy-high-sell-low Cramer's insights.
I'd like to see a slightly lower low to throw under the lower rail but a move above the upper rail strongly suggests that the market is about to make an ass out of Cramer.
Again.
