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Strategies & Market Trends : Longer-Term Market Trends
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To: jjstingray who wrote (264)4/11/2008 9:47:06 PM
From: AllansAlias  Read Replies (1) of 3209
 
To marginal new lows? To crushing new lows?

Is what you are saying, in a wider context?



It's not always possible to provide the wider context, as one can see something clear, like a nice looking correction, without knowing the outside count, but try if you can to post the wider context.

If you are saying this, it is a very similar count to our bearish map #2 from yesterday, but without even another pop (i.e., it's already turned. It is the scenario that sees the Jan low as the end of the first leg down and all the action since the Jan low as correction.

Feels too quick for my liking. There should be renewed optimism in a correction to setup another wave down. I don't feel that.

Also, I find your impulsive count (1-2-3-4-5) of your green 'C' wave not plausible. I don't think it works. Perhaps you could post a 60min chart showing us that count.

This is an important point. If one can count the move out of the SPX March lows as impulsive, then it would be just as reasonable to think that any down right now here is just a wave 2 and we are off to the races again very soon. We tried to follow such a count for the QQQQ out of the lows if you will recall -- our buy the dip stance. Things got too overlap'y and we gave up on it.
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