So, there is some institutional buying going on.... looks to me....
umn I'm doubting that we have more that 12200 as the downside..... I'd look for some accumulation trade.
When I talk about Elliot waves.... Wave 1 is the end of accumulation.... and Wave 3 is a "Mark-up" phase.... then wave 4 and 5 are distribution phases....
now as you look at your charts those are the kinds of questions your asking yourself... and as a Macro cycle develops... you want to see the distances between distribution phases getting further apart in a bullish trend....when the gaps between the distribution phases establish only slightly higher highs... that is where your looking for the turn....
and the reverse.....
of course all this from a guy calling the tops for 4 days.
Thursday, February 14, 2008
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2 comments:
Good Morning, Eric,
i agreed with your thoughts. I think we are having a downside of testing the last low. Some analyst are saying S&P will having a new low to 1200, if that's come true, that's equivlent to Dow 11k. Anyway..
Today looks like a tough day for bull. Bad news outweigh good one. Greenspan thoughts on U.S. Economy is on Edge of a Recession k and UBS is saying that banks are at risk with additional write down.
Morning, Melissa.
The thing not getting enough coverage is the nastyness in the credit market... it's almost covered in ice.
if in this move yesterday, today and monday maybe tuesday... we hit 12000 without a bounce... we should go to 11500.
but if we catch a bounce between here and there... then 12000...
Point is .. we should get a bounce before we catch a low...
maybe I'll work on a chart.
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