I should be more specific. I mean the move off today's high is a flat(regular flat in NDX and SPX, expanded flat in INDU). Look at the first couple of hours on the NDX. There are three waves down, then clear overlap to the upside. The impulse at the end of the day is the C of that flat.
Even though this is wiggle-talk, I brought it up because if correct, it would mean that any iii of 3 down still needs to wait at least a couple of days. I'm not in the iii of 3 camp, though, although I remain open minded to the idea.
As for the corrective/overlapping nature of the SPX since June, that's one reason I've decided to put more time into studying Neely's version of e-wave, because he thinks we're in some sort of reversal triangle and we're going up from here to new SPX highs. Incedentally, from a quick Google search, I see Edwards and Magee also thought triangles sometimes portended reversals about 25% of the time, whereas in original Elliott, triangles are always continuations, as I'm sure you know.
(But if Barron's will show on its cover this weekend an ugly big bear, I'll change my mind.... -g)
Will you settle for this week's AAII results? <g>
(as of 7/26/2006)
Bullish: 34.88%
Neutral: 22.09%
Bearish: 43.02% |
