That is a fairly straight forward A-B-C Elliot wave correction in a Bear trend......
I could throw you a chart that that at the bottom of that move is a 5 wave Elliot down wave...
But... I'll stick with My Retest and Fail down move... In fact a nominal day today... and a sell of tomorrow sets us up for an Armageddon Monday.
As I look a that chart, it's possible the move has finished... But... that C wave isn't very clean.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Thursday, February 7, 2008
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