Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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From: AllansAlias	7/21/2008 12:24:38 PM
	Read Replies (5) of 3209

Market heading to new low soon... I think there is a good chance that the recent low was not the end of the initial leg down out of the May high. I see many charts that look to me to be a low short of a complete count. My assumption is that we are moving down impulsively out of the May high, to the lows of 2002 (the "big C" scenario). There are many charts that look to be one low short of a buy. Take a look at the small caps as an example. Look at that move into the low -- the move from the purple 'a' to the purple 'b'. That is a 3-wave move, which I have marked (a)-(b)-(c). I don't think that was the low to buy. If this is the right read, we are a low away from a nice intermediate buy -- for some months of corrective up. I would guess, if this works out, that it will happen on a news shock. The sentiment would hit a sharp extreme, but the low would be bought quickly.

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