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Strategies & Market Trends : Longer-Term Market Trends -- Ignore unavailable to you. Want to Upgrade?

To: Perspective who wrote (989)6/21/2008 11:01:26 AM
From: AllansAlias  Respond to of 3209
 
Yes BC, we now have a number of charts sporting this pattern:



We know the implications here from an Elliott pov! These charts showed a 3-wave move down off their top this past fall (thick red lines), which could have been seen as a complete correction with new highs to come, BUT, what we see since the May high is a move down (dark blue) that violates the top of the putative 'i' up (the thick blue lines). This violation is shown with the red dashed line. As a result, it is difficult to see a viable count that supports the notion of going directly back to the highs of this past fall.



To: Perspective who wrote (989)6/21/2008 3:09:09 PM
From: skinowski  Read Replies (2) | Respond to of 3209
 
and you know what usually looms after that

EEM - Yeah, a big ol' "C", with a test of support in the territory of a 4th of a lesser degree - possibly in the low 110's. Could be far lower, if it will correct the entire bull market since 2003.

Imo the decline since May 19 is an impulse in its later stages... I'd watch it for a while.


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