Still waiting for the CRASH?

As I mentioned yeeeeaaaarrrrs agooooooo

I think you’re in for a very long wait.

The markets did within reason what I was expecting from as far back as 2012/13 – 4-5 years ago!

I think this is do or die for the Elliott Wave Method – again as mentioned on here back in 2012 or 2013 – they do not have any option but a massive crash – it’s already over extended (1st spouted waaaaay back in 1986 – yes 1986) then repeated in 2000, 2007 and most recently ALL the way from the 2009 bottom.

It Is NOT going to happen

Gann WAS AWARE of Ralph.N. Elliott and his method as they were around at the same time – but Gann never mentions it, I’m working on a method that is more advanced than Elliott Wave Principle – Gann knew that the market puts in more “waves” than 5 up and 3 down = 8 (there’s an extra few more waves) as I’ve NEVER been happy with Elliott Wave Theory in its current form.

Anyway, ALWAYS trade in the direction of the market and as you can SEE from the chart below since 2009 which way has the big thick arrow been pointing?


At some point in time there WILL be a decent correction of significance – 15%, 20%, 25% etc and AS the growth of the market is greater than years gone by then so will any correction – A 30% correction @ 5,000 will have bigger looking swings than those 30% corrections @ 1000 – yet the % drops are likely to be similar.

Good luck



It’s not often that I do this – it’s a Saturday afternoon and I’ve interrupted my day to post this.

You have to read the March 2014 issue of Elliott Wave Theorist – it does mean BUYING it, you don’t obtain this type of information for free I’m afraid.  You will need to subscribe to the Elliott Wave Theorist to obtain March 2014 issue

You are highly unlikely EVER to read the content of the report in the mainstream media and it also helps to confirm/back-up what I’ve been saying about the Fed and USA Government.  If you’re an American then the implications are massive not only for your Investments but your lives, If you’re not an American citizen then it’s bound to have an impact on your Investments/Life to some degree – better to be prepared, than “suddenly out of the blue” find out

In fact this report/months EWT applies to EVERYBODY in the world, it is that important, all I can do is alert you (you can lead a horse to water, but you can’t force it to drink) you’ve been alerted!

Here’s a link:

The public are massively leveraged on stocks! Warning

Many Are Betting on a Calm Market. We’re Not.

Here’s one good reason why: a historic market sentiment extreme

By Elliott Wave International

The DJIA, S&P and NASDAQ are struggling to bounce. Yet the bullish convictions remain high. Says a February 5 Investor’s Business Daily headline:

“Why Mutual Fund Investors Need Not Panic After January Sell-Off”

When is the best time to get out of the stock market? When everyone else is invested and extremely optimistic. When is the best time to buy, then? Exactly: when you see the opposite sentiment.

Market sentiment is one indicator you don’t hear much about on financial networks. Yet we’ve seen sentiment extremes repeat at every recent market top and bottom. What’s more, as Robert Prechter, the president of Elliott Wave International, puts it, “the greater the degree of the advance that is ending, the greater the optimism at its peak.”

This contrarian view of the market can be a financial lifesaver.

Below is an excerpt from Prechter’s recent Elliott Wave Theorist, a monthly newsletter he has published since 1978. It shows you one way how Bob finds bearish and bullish extremes in the market.

Conviction Among the Bulls
(Robert Prechter, The Elliott Wave Theorist, December 2013)

The Daily Sentiment Index ( reported 93% bulls twice, on November 15 and 22. Two readings this high are a rarity.

The weekly Investors Intelligence poll on December 11 and 18 showed over 80% bulls among committed advisors (i.e. bulls/(bulls+bears), omitting those expecting a correction), the highest reading since 1987.

Such extreme readings in conjunction are even rarer.

The Rydex family-of-funds data afford good sentiment indicators. Recent figures show a record low investment in conservative money-market funds, meaning nearly everyone is invested in stocks and bonds.

At the same time, the ratio of money in bullish stock funds vs. bearish stock funds is over 5:1, and per the ratio of money in leveraged bull vs. bear funds (see Figure 2) is 10:1!

This reading leaves past extremes in the dust. If you study Figure 2, you will notice that the biggest rush has come in the past six months, which is precisely the time that stocks’ ascent has been slowing!

In other words, optimism is soaring while upside momentum is waning.

Once this epic complacency melts, I doubt we will see such a ratio again in our lifetimes.

Bad Start for Stocks in 2014: Buying opportunity or more pain to come?

You can benefit greatly from looking at charts that
take a historical look at what’s going on in the financial
markets. Robert Prechter has just released an issue
of his Elliott Wave Theorist publication that
includes 15 charts of the S&P 500, NASDAQ, gold, and
mutual funds — along with his analysis.

With this information, his Elliott Wave Theorist
subscribers are now prepared for 2014. And you can be,
too, because you can get the full 10-page
issue, FREE.

Download your free 10-page report now >>

article was syndicated by Elliott Wave International and
was originally published under the headline Many Are Betting on a Calm Market. We’re Not..
EWI is the world’s largest market forecasting firm. Its staff
of full-time analysts led by Chartered Market Technician
Robert Prechter provides 24-hour-a-day market analysis to
institutional and private investors around the world.

Probably The Most Important Investment Report You’ll Read This Year

Here’s your chance to read an exclusive Elliott Wave International report – I keep banging on about how good their research and analysis is – well this is your chance to see for yourself.  They’re releasing parts of the report every day for a week, once you’ve signed up for FREE, they’ll make sure you get the reports.

As usual ignore any reference to wave counts, they look good and work after the fact, what we are looking for here is the factual analysis on the state of the economy and it’s potential effects – this kind of analysis, as I’ve mentioned before, just does not get published by the mainstream media and when your money is at stake it’s important to have the facts to then make Investment decisions from

I personally swear by EWI’s Independent research , it helps me to see the bigger picture that you can’t see from the mainstream media



Exclusive invitation: Our friends at Elliott Wave International have just released their new 50-page  report for independent investors, The State  of the Global Markets — 2014 Edition: The Most Important Investment Report  You’ll Read This Year. Normally priced at $199, they have allowed us on an  exclusive, limited-time basis to share with you the choicest selections from it  for FREE.Learn more and read the report now >>

Dear investor,

Consider yourself warned.

The global market outlook is far less rosy than the  so-called experts would have you believe.

  • Global stocks have set record highs, yet sentiment readings have hit off-the-charts extremes.
  • Gold, silver and bonds are in multi-year bear markets.
  • Investors in major markets around the world are exposing their money to unprecedented (and mostly unknown) risks.
  • Regional economies recently said to be “recovering” are slipping back into recession.
  • And despite widespread excitement for stocks, Main Street is still struggling.

You will not get this reasonable and objective outlook on  the global markets from any other source. EWI’s new report, The State of the Global Markets — 2014 Edition, is a one-of-a-kind resource. I guarantee that you will read nothing like  it anywhere.

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IMPORTANT: Please  do not buy or sell a single share of stock — anywhere in the world — without  reading this report first.

P.S. This report is available to you for free for a limited  time, exclusively from EWI. Please get access to it now while its valuable  year-in-preview advice can help your portfolio in the New Year. Get the free report now.

About the Publisher, Elliott Wave International       Founded in 1979 by Robert R. Prechter Jr., Elliott Wave International (EWI) is the world’s largest market forecasting firm. Its staff of full-time analysts provides 24-hour-a-day market analysis to institutional and private investors around the world.

Why I like Elliott Wave Internationals Analysis

Not the wave counts, but their outstanding monthly analysis, for years subscribers to their material have been aware of the content of this post, obviously not the current up to date data, but every month we’ve been warned of the true state of the worlds markets based on FACTS.

EWI can, do and have got a little carried away on their predicted wave counts, which is understandable, but if you distance yourself from those and see the facts, figures and analysis for what it truly is – an Indication of the true context of the markets then you can be aware of what may or may not be lurking around the corner.

For me?  Gold – topped in 2011 = not surprised – whilst “experts” where advising mass buying of the shiny stuff

Commodities struggling = not surprised

Understanding what the market did following QE issuance = not surprised

QE does not work during a deflationary depression – something I agree on with EWI – what has happened and why have markets stood up?  The time cycle (In my opinion), If I’m right on the Time Cycle the lows been and gone on 6th March 2009, the market should hold up regardless of economic theories, EW counts and so on.  I’m on record as saying that the 1929 event has already happened – it happened in 2000 with the Nasdaq – just get the charts and compare – been and gone in opinion.

Now knowing all this does not make it easier to trade with exactness!  But if you have more knowledge of the indicators that really matter you can rest, sleep and trade a lot easier than those that might be concerned about things but can’t quite place their finger on a logical explanation which helps to level the mind.

Enjoy the read:

Commodities Falling Despite QE: What Does That Mean?

Robert Prechter: “Charts tell the truth. Let’s look at some charts.”

By Elliott Wave International

During QE3, the latest round of the Fed’s quantitative easing, the stock market rose. We all know that.

But did you also know that commodities fell?

That’s right: QE3 had zero effect on commodities — or maybe
even a negative effect. In fact, an unbiased observer of the
trend might conclude that the Fed drove commodity prices down.

That, of course, would be heresy to investors who believe
that the Fed’s actions have been inflating all financial

What should you make of the fact that commodities have failed to respond to the massive, historic, unprecedented central-bank stimulus? We see it as a red flag.

What’s more, you may be surprised to know that not one of the Fed’s stimulus programs — QE1, QE2 and QE3 — pushed up commodity prices.

As Robert Prechter, the president of Elliott Wave International,
wrote in his November 2013 Elliott Wave Theorist,
“Charts tell the truth. Let’s look at some charts.” These
four charts and analysis that he published in May, July, and
November 2013 tell the story:

(Robert Prechter, July 2013 Elliott Wave Theorist)

The CRB index of commodities has been losing ground for
more than two years, as shown in Figure 3. Notice the four
short arrows on the chart. Based on their positions, you
might think they would mark the timing of accurate sell
generated by a secret indicator. But there’s
no secret indicator. These happen to be the times at which
the Fed launched its inflationary QE programs!

Investors almost universally take news at face value rather than paradoxically as they should. So they believed the Fed’s QE actions would be bullish for commodities. But — ironically yet naturally — every launch of a new QE program provided an opportunity to sell commodities near a high.

The first time the Fed bought a slew of new assets (QE0) was in 2008, and commodities went straight down during the entire buying spree.

QE1 (see below) was just a swapping of assets, not new buying, so it wasn’t inflationary; ironically, commodities rose during this time.

Commodities rose a little bit after the inflationary QE2 started but ultimately went lower. Since QE3 and QE4 — the two most aggressive programs of inflating the Fed has ever initiated — commodity prices have been trending lower as well.

Are commodities just late and poised to soar? I don’t think so. Figure 4 shows a chart of the CRB index published in The Elliott Wave Theorist back in May 2011.

It shows a three-step, countertrend rally … inside of a parallel trend channel … at a [Fibonacci] 62% retracement … thus giving three reasons to expect a peak at that time. [Indeed] the CRB index has trended moderately but persistently lower since then.

Prechter gave another update in his November 2013 Elliott Wave Theorist:

Commodities are in a bear market. Figure 1 proves that the Fed’s feverish quantitative easing (QE) — i.e. record fiat-money inflating — is not driving overall prices of goods higher.

The bear market in commodities began two months before the Fed’s massive asset-buying program began. Despite the Fed’s inflating at a 33% rate annually for five straight years, commodities are still slipping lower.

Prechter’s final point from the November 2013 Elliott Wave Theorist summarizes it best:

None of the believers in omnipotent monetary authorities and their pledges to inflate saw any of those changes coming. Meanwhile, we couldn’t see how it could turn out any other way.

The largest inverted debt pyramid in the history of the world is the reason that QE won’t work. The future is already fully mortgaged.

15 Hand-Picked Charts to Help You See What’s Coming in the Markets
Prepare for 2014 with a complimentary issue of Robert Prechter’s Elliott Wave Theorist

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If You Are Waiting For An “Economic Collapse”, Just Look At What Is Happening To Europe

Another enthralling, thought provoking article from

I’ve mentioned this elsewhere on this site, the fundamentals of the world are terrible, on paper you have to accept that the turmoil and fall out will/should be far greater than 2008-09.  Elliott Wave International have been saying for years that the dow is targeted for 400 points!  Which would match such terrible economic fundamentals.

However, I personally don’t think it will happen – I can see the reasons for such a collapse, I can see the reasons for gold @ $50,000 oz – let’s just focus on Europe – It’s a project, if the people who made the project don’t want it to fail, they through everything they can to make it survive – QE, low Interest Rates, hold back on repo’s, bail-ins, to me it makes sense, the powers that be don’t want the EU project to fail and they will do whatever it takes to maintain it, the same goes with the USA – yes there’ll be a shock soon, maybe another flash-crash, when we look back on the charts from say 2020, if the 2009 lows are still the low point since 2000, it will be confirmation that the people behind the scenes have succeeded in their attempt to prop up the EU and probably the world.

Yes at some point the USA and it’s currency will come under fire, If a new world currency is on the cards then again the powers running that will do everything they can to prop the damn idea up and push it through- I think everyones been sold the idea of complete economic failure, I personally don’t and have not bought into it, yes I understand it and agree with some aspects of it, it’s a complex beast.  The question I ask myself is who benefits from the changes and if 8/10 people are financially destitute do those who benefit suffer or prosper – when the entire world relies upon credit, it pays for the masses NOT to be destitute to service the debts and keep the profits rolling in for those providing the debt.

Look back at the war years – there should of been massive spikes down in the markets due to the war yet the opposite happened, once again the world was propped up by guaranteed QE from the worlds financers, I personally think similar effects are in play in today’s markets.

I am biased as to my outlook for the next few years, previously mentioned and stated on this site and I have a blog post that I wrote in December 2013 which is scheduled to be published later on this month (Jan 2014) which details potential turn dates and outlooks – a total and utter collapse goes against my expectations and it has done now for over 2 years – we shall see what the years hold for us as they progress.

Enjoy, there’s some great stats below and it is truly shocking and if the markets worked on common sense they’d be massively lower to confirm the shocking fundamentals – the markets don’t do common sense though!

If You Are Waiting For An “Economic Collapse”, Just Look At What Is Happening To Europe

Posted: 08 Jan 2014 01:29 PM PST

European UnionIf you are anxiously awaiting the arrival of the “economic collapse”, just open up your eyes and look at what is happening in Europe.  The entire continent is a giant economic mess right now.  Unemployment and poverty levels are setting record highs, car sales are setting record lows, and there is an ocean of bad loans and red ink everywhere you look.  Over the past several years, most of the attention has been on the economic struggles of Greece, Spain and Portugal and without a doubt things continue to get even worse in those nations.  But in 2014 and 2015, Italy and France will start to take center stage.  France has the 5th largest economy on the planet, and Italy has the 9th largest economy on the planet, and at this point both of those economies are rapidly falling to pieces.  Expect both France and Italy to make major headlines throughout the rest of 2014.  I have always maintained that the next major wave of the economic collapse would begin in Europe, and that is exactly what is happening.  The following are just a few of the statistics that show that an “economic collapse” is happening in Europe right now…

-The unemployment rate in the eurozone as a whole is still sitting at an all-time record high of 12.1 percent.

-It Italy, the unemployment rate has soared to a brand new all-time record high of 12.7 percent.

-The youth unemployment rate in Italy has jumped up to 41.6 percent.

-The level of poverty in Italy is now the highest that has ever been recorded.

-Many analysts expect major economic trouble in Italy over the next couple of years.  The President of Italy is openly warning of “widespread social tension and unrest” in his nation in 2014.

-Citigroup is projecting that Italy’s debt to GDP ratio will surpass 140 percent by the year 2016.

-Citigroup is projecting that Greece’s debt to GDP ratio will surpass 200 percent by the year 2016.

-Citigroup is projecting that the unemployment rate in Greece will reach 32 percent in 2015.

-The unemployment rate in Spain is still sitting at an all-time record high of 26.7 percent.

-The youth unemployment rate in Spain is now up to 57.7 percent – even higher than in Greece.

-The percentage of bad loans in Spain has risen for eight straight months and recently hit a brand new all-time record high of 13 percent.

-The number of mortgage applications in Spain has fallen by 90 percent since the peak of the housing boom.

-The unemployment rate in France has risen for 9 quarters in a row and recently soared to a new 16 year high.

-For 2013, car sales in Europe were on pace to hit the lowest yearly level ever recorded.

-Deutsche Bank, probably the most important bank in Germany, is the most highly leveraged bank in Europe (60 to 1) and it has approximately 70 trillion dollars worth of exposure to derivatives.

Europe truly is experiencing an economic nightmare, and it is only going to get worse.

It would be hard to put into words the extreme desperation that unemployed workers throughout Europe are feeling right now.  When you can’t feed your family and you can’t find work no matter how hard you try, it can be absolutely soul crushing.

To get an idea of the level of desperation in Spain, check out the following anecdote from a recent NPR article

Having trouble wrapping your head around southern Europe’s staggering unemployment problem?

Look no further than a single Ikea furniture store on Spain’s Mediterranean coast.

The plans to open a new megastore next summer near Valencia. On Monday, Ikea’s started taking applications for 400 jobs at the new store.

The company wasn’t prepared for what came next.

Within 48 hours, more than 20,000 people had applied online for those 400 jobs. The volume crashed Ikea’s computer servers in Spain.

Of course that should kind of remind you of what I wrote about yesterday.  We are starting to see this kind of intense competition for low paying jobs in the United States as well.

As global economic conditions continue to deteriorate, things are going to get even tougher for those on the low end of the economic food chain.  Poverty rates are going to soar, even in areas where you might not expect it to happen.  In fact, one new report discovered that poverty has already been rising steadily in Germany, which is supposed to be the strongest economy in the entire eurozone…

A few days before the Christmas holidays, the Joint Welfare Association published a report on the regional development of poverty in Germany in 2013 titled “Between prosperity and poverty—a test to breaking point”. The report refutes the official propaganda that Germany has remained largely unaffected by the crisis and is a haven of prosperity in Europe.

According to the report, poverty in Germany has “reached a sad record high”. Entire cities and regions have been plunged into ever deeper economic and social crisis. “The social and regional centrifugal forces, as measured by the spread of incomes, have increased dramatically in Germany since 2006,” it says. Germany faces “a test to breaking point.”

Of course poverty continues to explode on this side of the Atlantic Ocean as well.  In the United States, the poverty rate has been at 15 percent or above for three years in a row.  That is the first time that this has happened since the 1960s.

And this is just the beginning.  The extreme recklessness of European banks such as Deutsche Bank and U.S. banks such as JPMorgan Chase, Citibank and Goldman Sachs is eventually going to cause a financial catastrophe far worse than what we experienced back in 2008.

When that crisis arrives, the flow of credit is going to freeze up dramatically and economic activity will grind to a standstill.  Unemployment, poverty and all of our current economic problems will become much, much worse.

So as bad as things are right now, the truth is that this is nothing compared to what is coming.

I hope that you are getting prepared for the coming storm while you still can.

Complimentary Report: 15 Charts that Tell the Story of What’s Coming in 2014


Dear Reader,

I may not be Santa Claus, but I have an early present for  you this year. It’s actually 15 presents in the form of 15 charts of financial  markets with analysis by Bob Prechter, the president of Elliott Wave  International.

He created these charts – which cover markets like the  S&P 500, NASDAQ, gold, and mutual funds – to explain where financial  markets have been and where they are headed. These are not your typical price  charts. They combine history and patterns to tell the story clearly, all from  his distinctly different point of view. With this information, his Elliott Wave Theorist subscribers are  now prepared for 2014. And you can be,  too, because you can get the full 10-page issue, FREE.

Elliott Wave International hasn’t offered a free issue from  Bob in quite some time, but they feel that the message of this issue is  extremely important and can provide you with an outlook for 2014 that you  shouldn’t miss.

Prechter says that “charts tell the truth.” Here is your  chance to see what truths these charts are telling. If a picture is worth a  thousand words, then this publication is like reading more than 15,000 words of  his market analysis.

Pointer: Be sure  to check out one of the coolest charts, which shows how Main Street investors  actually see the markets better than Wall Street.

Download your free 10-page issue of The Elliott Wave Theorist now.

Enjoy your present,

The Hovis Trader

P.S. It’s a once-in-a-blue-moon opportunity. And it’s free, this is essential reading for all involved in the markets. See these 15  charts for yourself now.

A big reason WHY 2013 stock prices are in the Stratosphere

A Big Reason Why 2013 Stock Prices are in the Stratosphere

Margin debt is up 100 times in the last 39 years

By Elliott Wave International

A famous quote attributed to Archimedes, the ancient Greek mathematician, is: “Give me a place to stand and with a lever I will move the whole world.” And, as you probably know, leverage can also move the stock market.

In the July-August Elliott Wave Theorist, Robert
Prechter discussed the role of leverage in sending the market
to new price highs.

a FREE 2-page sample of Robert Prechter’s
Elliott Wave Theorist.

First, take a look at this chart from that issue, and then read Prechter’s commentary.

Margin debt, incredibly, is up 100 times in the
last 39 years (see the chart above). It was $4 billion back
in 1974; it’s nearly $400 billion today. That is a big reason
why stock prices are in the stratosphere. You might think
that there’s a lot more money around, thereby justifying
the rise. … Let’s normalize this indicator to GDP and
see what we have. … [M]argin debt as a percentage of annual
GDP is still 10 times the 1974 level. … The current
ratio is also 3 times what it was at previous major
in the stock market in the 20th century.

The Elliott Wave Theorist, July-August 2013

Margin debt levels are not a precise market timing indicator, but one major financial firm advises caution.

“Investors have rarely been more levered than today,” said Deutsche Bank, warning that the spike in margin debt is a “red flag” and should be watched closely. … It said the equity rally may have further legs but it cited “astonishing similarities” between the latest patterns and events preceding prior market crises.

— The Telegraph, August 13

The high levels of margin debt in the stock market should be a concern to every investor, as should other indicators that Elliott Wave International reviews.

You can learn what EWI sees ahead for the market by reviewing
The Elliott Wave Theorist without any obligation.
No questions will be asked if you decide to cancel within
30 days. You have nothing to lose and exclusive market insights
to gain.

See what Prechter presents to subscribers of The
Elliott Wave Theorist with no obligation for 30 days.
The September issue is packed with insights you won’t see
anywhere else. Preview what’s inside and learn how to get
your risk-free review.

article was syndicated by Elliott Wave International and
was originally published under the headline A Big Reason Why 2013 Stock Prices are in the Stratosphere.
EWI is the world’s largest market forecasting firm. Its staff
of full-time analysts led by Chartered Market Technician
Robert Prechter provides 24-hour-a-day market analysis to
institutional and private investors around the world.

Next 3 years what’s the market going to do?


The market should form a high/Top during 2013, you know my preferred month was May from previous posts and the W.D. Gann – Medium Term Market Predictions page.

That does not mean that during 2014 a new price high can’t be conjured up by the market, it’s highly unlikely  but could happen.

When you look at a weekly/monthly chart of the S&P500 and especially of the Nasdaq you should be able to easily tell that the overall trend of the 3 year period has been flat to down.  IF new highs are recorded during 2014 then I would expect it will be quick poke higher and then a drop – NOT continued bullish price appreciation – IF price does form a bullish continual ascent then my outlook for the future is totally and utterly screwed.

Warning:  the only way of knowing for sure if I’m right or wrong is after 2017!  this is MY outlook on the markets NOT trading advice, even though I’ll be and already am trading my outlook, you trade/invest at your own risk.  I would recommend you learn for yourself how to do this rather than relying on others, tips, blogs etc.

Here’s Chart 1 with my preferred outlook:


Chart 1 shows a drop and then sideways range – with the lows of March 2009 still intact

Here’s Chart 2 with my alternative option outlook:


Chart 2 shows price action nearly reaching the lows of March 2009 but not exceeding – this scenario also allows price to briefly exceed the March 2009 low but not massively exceeding them.

Here’s Chart 3 – this is what Elliott Wave Analysis expects:


To prove and conform to EWT price really needs as a minimum to reach the 300 point area for the S&P500 or 3000 point zone and less for the Dow.

Let the next 3 years unfold and see what happens.

Be under no doubt whatsoever, if any of these 3 scenarios occur it will put immense pressure on the government – REGARDLESS of which party is in power, public mood will at some point be very very bitter:

I’ve previously made my predictions based on the Europe vote, the next UK general election and the President of the USA being booted out of office prior to his term ended – please note I have nothing against the President of the USA, I predict he’d be re-elected and was happy to back that decision with money – my analysis is purely from a stock market perspective, I let the direction of the stock market determine the outcome of key global events.

All the best


Worth Watching


I’ve said for many years that Elliott Wave International analyse markets very efficiently and effectively looking at various aspects that most just ignore.

This video is just a little snippet of a 45 minute video that goes into a greater explanation of the mechanics of the markets and is def worth 45 mins of your time, to access I think you have sign up to EWI – it’s FREE: