Wednesday, March 07, 2007
Blue Sky Wave Speculation
Adding to the Out of the Blue post - how might the next few years break? Prechter hasn't opined yet, but most likely he sees a C wave down at least the length of A, hence to Dow8000 range; and if it extends by 1.618x wave A, a typical relationship, down to below Dow6000. In timing, into the 2010 four year low; or it extends into 2014. (Expect him to develop this view in the EWT over the next 90 days.) Neely has opined, and sees a 2.5 year continuation of the wave Prechter calls a B wave. Specifically, maybe 30 or so days of this current downtick, followed by a continued upside into 2009 - but this is fluid and subject to fine-tuning over the next 30 days. (For those who follow Neely, now would be a good time to follow his service closely.) For the Yelnick view that there will be a runup through the 2008 Olympics and the 2008 election, this correction is no surprise, and may last into late 2007 before turning; then the runup into 2008-2009. MIght count as a double zigzag in Prechter's B wave (which is part of 50W4), or as a 82W5, where we are now in subwave 4 and the final wave 5 drives the runup. One can count the current wave that ended as subwave 3, beginning in Sep04 as the Bush Re-Election Rally; Prechter counts it as subwave 5 from July06.
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