So.......
Elliot wave theory talks about 2 wave corrections.
We had a very steep decline to this point, we have been experiencing what one could call(have called) a pause, in the 12900-13200 range, It's roughly a thousand point correction... followed by another
that is a 12000 target.
I'm not calling it, but that is my fear. I've expected bounces, and good ones don't materialize. That 300 point run up a week ago you could talk about as the 50% move.
how about some optimisum....
That rally yesterday, looked like tight stops by unconvinced Bears, which is simaler to the ones I used that indicated a top to the market with tight stops by the bulls.
Talking about Volume, Somone said "look at the volume yesterday, there have to be some buyers in there", then the same trader talked about how they had traded 6 times during the day.
To get more disenjenuous, flirting with that 12800 level, the 12600, 12400 I've started looking at these levels.
Wednesday, November 21, 2007
Elliot Waves
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2 comments:
I hope we don't see another 1000 point decline! This summer was surprisingly strong so the bears are just trying to make some money on their shorts. A recession may be inevitable (we are probably already in one) but there are still some stocks that are trending up. It looks like the easy money is still on the short side, but it will come back around. Have a great Thanksgiving.
I am fairly neutral here, and you can look to some bullish signs.
Thanks
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