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Strategies & Market Trends : CFZ E-Wiggle Workspace
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To: Moominoid who wrote (7285)6/21/2008 12:45:29 AM
From: skinowski  Read Replies (1) of 41421
 
I agree that the first leg up out of the March low was a Leading Diagonal, and recall posting to that effect. However, the theory that this recent decline since May is a matching move to the little scary pullback in April is, I think,... forced.

I think that the March rally was corrective, and we are having a *fresh* down impulse from May top. In other words, imo we are still in a bear market - and it's not over.

Just take a look at any weekly non-OTC line chart - INDU, or OEX, SPX... There is not much bullish about them. All look like an impulse down, then a failed rally - and a resumption of a decline. In fact, I notice that INDU today had the lowest weekly close since... September 2006.
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