Longer term picture.
I was looking at some longer term Dow charts, for personal interest reasons, trying to see where we were in the longer term EW sense. It is not easy finding a continuous DOW or other major index chart, from say 1900 to present.
I did piece together some stuff and concluded in the longer term sense that the DOW should probably be in [4] correction, one that could last several years.
Still not satisfied of the charts I remembered that Zoran Gayer probably had some LT SPX charts.
Well viola, Zoran recently did an analysis of the DOW, LT, and here it is.
safehaven.com
He concluded we are not in a [4] but about ready to start one, in the DOW. What we have been in is an extended 5 of [3], that probably just terminated. I like his analysis because it explains some reasons as to why the DOW down and rebound so far does not fit well within the confines of a down off the top, w/r to EW.
This is interesting from several aspects. One this bear market should then do some form of huge ABC correction, over the coming years, probably for all indexes. It is a long one. I'm a little over 50. My generation and older, unless they can successfully trade the waves, are shit out of luck essentially. The [5] doesn't resume until most of us are in our graves. |
