Again, here's two charts that I had
in last nights newsletter, this is how we think the market will
play out over time, this is the Elliot Wave count that we
see..
Potential long term Elliot Wave
Count: The Bull market ended in October 2007 with a 5 wave
completion. This bear market is a large ABC downtrend. Major waves
A and B have completed and we are now in major wave C downtrend.
Ultimately we think the C wave could take the S&P 500 down to a
target of about 1100 or 61.8% retracement of the last bull market.
Wave C should contain 5 waves
In the very short term, we are nearing completion of minor
wave 1 of Major wave C. When minor wave 1 is completed, we should
get an ABC counter trend rally of minor wave 2 (which will form a
higher low) and could retrace 38.2% - 61.8% of wave 1. After wave 2
bounce is complete then we should go back into minor wave 3 sell
off in the downtrend
Posted by ocracoke53 on 25th of Jun 2008 at 06:48 pm
matt,
great update/charts we know that their is no crystal ball - but
your/dodger updates and feedback/input of other blog members is
much appreciated. Thanks
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Big Picture Elliot Wave Count of this Market Hpothetical
Posted by matt on 25th of Jun 2008 at 06:22 pm
Again, here's two charts that I had in last nights newsletter, this is how we think the market will play out over time, this is the Elliot Wave count that we see..
S&P 500 weekly chart Projection
S&P 500 daily chart
Potential long term Elliot Wave Count: The Bull market ended in October 2007 with a 5 wave completion. This bear market is a large ABC downtrend. Major waves A and B have completed and we are now in major wave C downtrend. Ultimately we think the C wave could take the S&P 500 down to a target of about 1100 or 61.8% retracement of the last bull market. Wave C should contain 5 waves
In the very short term, we are nearing completion of minor wave 1 of Major wave C. When minor wave 1 is completed, we should get an ABC counter trend rally of minor wave 2 (which will form a higher low) and could retrace 38.2% - 61.8% of wave 1. After wave 2 bounce is complete then we should go back into minor wave 3 sell off in the downtrend
matt, great update/charts we know that
Posted by ocracoke53 on 25th of Jun 2008 at 06:48 pm
matt,
great update/charts we know that their is no crystal ball - but your/dodger updates and feedback/input of other blog members is much appreciated. Thanks