Does any know the track record of McHugh? For weeks his
newsletter has been stating the markets are in wave 2 and the
market topped on January 19th. Initially, his analysis state
that the markets should retrace 38 to 62% of the down leg from 1/19
to 2/5, but these levels have been exceeded by a lot of
margin. This was sent after the markets closed.
Just a quick update. After
studying Friday's upside move carefully, we believe stocks should
see a significant top by sometime Monday. The rally from February
5th is corrective, not impulsive, in our view, and a clear pattern
has emerged from Friday's rally which suggests a major top is
imminent.
I am a subscriber, true he was right on the Jan. 15
call. He has been calling for a reversal
since Feb 19th, and pushing out the time frame ever since.
It's pretty rare for him to put a specific time frame for a
reversal as he did in your quote calling for a top on Monday - we
shall see. If the Dow/S+P go to new highs, his wave counts
are negated.
I have subscribed to McHugh for a while. The best indicator is
when he ignores his own indicators as he has been doing for the
past couple weeks now. He was so married to a top now that he has
ignored most of his indicators going to the buy side over this
period.
As for his Phi dates, well, he didn't get the big top or bottom
so now in hindsight (learned from his EW experience no doubt) he
has 'adjusted' the market to fit his notions of his Phi
date.
He is fine for a big picture but sucks when it come time to
trade. If we should get a reversal now and a big decline, he will
blindly call this a great success. Well ok, if a two week late
drop, after a 55 SPX point rally, can be called success! Look the
guy uses only basic 14,3 sto's....I think Matt or Steve should
share their 60 and 144 period sto tricks with him!!
He correctly predicted Jan 15th high as top of B wave. We
have to see whether the market roles over from here or goes to new
high. Volume is very low in spite of up days. Same
thing happened in early Jan.
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McHugh Late Day Update
Posted by amp43679 on 5th of Mar 2010 at 10:19 pm
Does any know the track record of McHugh? For weeks his newsletter has been stating the markets are in wave 2 and the market topped on January 19th. Initially, his analysis state that the markets should retrace 38 to 62% of the down leg from 1/19 to 2/5, but these levels have been exceeded by a lot of margin. This was sent after the markets closed.
Just a quick update. After studying Friday's upside move carefully, we believe stocks should see a significant top by sometime Monday. The rally from February 5th is corrective, not impulsive, in our view, and a clear pattern has emerged from Friday's rally which suggests a major top is imminent.
I am a subscriber, true
Posted by ducksoup on 6th of Mar 2010 at 10:29 pm
I am a subscriber, true he was right on the Jan. 15 call. He has been calling for a reversal since Feb 19th, and pushing out the time frame ever since. It's pretty rare for him to put a specific time frame for a reversal as he did in your quote calling for a top on Monday - we shall see. If the Dow/S+P go to new highs, his wave counts are negated.
Phi dates a bust
Posted by perthx on 8th of Mar 2010 at 09:53 am
I have subscribed to McHugh for a while. The best indicator is when he ignores his own indicators as he has been doing for the past couple weeks now. He was so married to a top now that he has ignored most of his indicators going to the buy side over this period.
As for his Phi dates, well, he didn't get the big top or bottom so now in hindsight (learned from his EW experience no doubt) he has 'adjusted' the market to fit his notions of his Phi date.
He is fine for a big picture but sucks when it come time to trade. If we should get a reversal now and a big decline, he will blindly call this a great success. Well ok, if a two week late drop, after a 55 SPX point rally, can be called success! Look the guy uses only basic 14,3 sto's....I think Matt or Steve should share their 60 and 144 period sto tricks with him!!
He correctly predicted Jan 15th
Posted by san123 on 6th of Mar 2010 at 06:39 am
He correctly predicted Jan 15th high as top of B wave. We have to see whether the market roles over from here or goes to new high. Volume is very low in spite of up days. Same thing happened in early Jan.