Here's David Plonk's EW read on the Kahuna thread :
exchange2000.com
He says-
<begin quote>
I now have "A" of this primary 4 correction running from 7/20-9/10, and "B" running from 9/10-present, with a of B from 9/10-9/28, b of B from 9/28-10/9, and c of B from 10/9-present. Within this c of B, I have us in wave 4 of 5. wave 4 of 5 should complete tomorrow (with more downward action, then we have a 5 of 5 rally into the latter part of the week that could take us to the 1145-1155 area SPX (9000-9100 Dow).
After the completion of this rally, which will complete wave B of Primary 4, we will begin wave C of Primary 4, which can inflict alot of damage or not, depending on the fed, earnings warnings, worldwide equity markets, etc. A move back down to the October lows would seem well within reach.
This selloff should be followed by Primary 5 of Cycle Wave 5, a several month and very steep rally that could take the market back to the all time highs by the end of the first quarter next year. It should measure 2000+ Dow points if it equals its primary 1 counterpart. But a 5th wave failure/truncation should be watched for considering the state of our world. Once this 5th wave rally completes, then we're ready for the '29 style crash, and then some!!
<end quote>
ATG |
