A fascinating study by Steven Hochberg, editor of the Elliott Wave Financial Forecast:
Look at a Dow chart over the past eight months, and pick out the 4 most important turning points. They were the low on October 18, 1999, the all time high on January 14, 2000, the intermediate low on March 8, 2000, and the most recent high on April 12, 2000...
...Now combine these dates with the Fibonacci numbers sequence...55, 89, 144, 233. Adding the Fib numbers to the dates above...they all converge at June 5th
through June 7th.
October 18, 1999 + 233 days = June 7th, 2000.
January 14th + 144 days = June 6, 2000.
March 8th + 89 days = June 5, 2000.
April 12th + 55 days = June 6, 2000.
All those measurements are in calendar days, not trading or market days.
The implication of the study is that the period between June 5th and June 7th may have formed an important market turning point.
Which way the turn? Up or down? |
