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Strategies & Market Trends : Longer-Term Market Trends
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From: AllansAlias7/2/2008 8:57:43 AM
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So, where are we?

We've been in short mode going into the May highs. Now, we are flat. We might be a low short from my study, but no matter, as we are either done with down for a few weeks or serving dessert.

There are a couple of things to think about here imo:

1) What about all the new overhead resistance?

2) What is the wave structure now that we have violated so many Jan and Mar lows, or, at least killed most of the outstanding possible bullish counts out of those lows?

As for #1, this is the thing to watch. I do not think price will get back over the new resistance. I am talking here about trendlines and channels that did not hold in the down move and are now new overhead resistance. In the case of the Dow, we are also talking about the horizontal resistance now at 11,730 +/-.

It would be fruitful for us to document this important overhead resistance with charts here and monitor the price action against them.

As for #2 -- the Elliott count in the wider timeframes -- I do not see many viable counts that would have us going back to anywhere near the May highs. I see possible counts for months of jello and possible counts for some s-t up followed by another leg down. More on this at a later date if I find time to post a few charts.
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