Sunday, January 22, 2017

[GILD] update [free]

In my prior post on Giliad Sciences I cautioned shorts that the chart was not taking on the typical mania collapse look and feel but that lower lows could easily be see down to as low as $60.  The shares dropped another $10 since then and now sit at the next support level which is the 50 fib.

I hope readers can see that this is just another evidence point in a long string of evidence points that begin to prove how Elliott wave charting patterns are more important than "expert" opinions or fundamental analysis (which is also nothing more than an opinion) in timing markets.  Charting is not an opinion.  It is an odds based system with rules, just like counting cards in Vegas.  Importantly, Elliott wave analysis has built in triggers that tell you if the short term model you think is right will actually turn out to be right.  Expert opinions will not tell you how much you should lose (or gain) before selling at a loss or taking profits.

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