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Strategies & Market Trends : Classic TA Workplace
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To: JRI who wrote (13318)9/13/2001 9:26:29 AM
From: velociraptor_  Read Replies (5) of 209892
 
JRI...If we gap down, it is most likely some part of wave 3 of 3. It has been said that news seems to correlate with EW and not the other way around. Meaning waves are going to unfold no matter what happens. The degree to which they unfold is what can be affected by the news however. That said though, I think it would be prudent to let some data go by before putting any particular count onto the market. This news event will no doubt exaggerate the market action and distort it according to EW. How remains to be seen, but I think at a minimum we can expect some kind of initial downside. I am not sure I would go long a whole lot just yet, after the initial drop. One thing that is obvious is that world markets are moving in unison and they are dropping which puts a strong down pressure to any market. I have also noticed that all the world markets, after the initial drop, have only recovered slightly and are nor forming small rising wedges or bear flags. We all know that these tend to have bearish implications. Really by waiting a few more days, the US is now put at a disadvantage because if the world markets do continue to decline before Monday, which pattern wise looks likely, the US will have series of waves in downward pressure to make up. Regardless, I would not advise heavy trading in the first day or two of market action because I really don't know how predictable it will be.
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