Just a possibility in case the market continues to crash
below 8300 Dow from here.
Wednesday morning's
stock market plunge is the third sub-leg within wave
{d}down,
{c}down, and this symmetrical
triangle is really taking shape, its validity enhanced by
Wednesday's morning price action. No guarantees, as we strictly are
dealing in probabilities, however this means the probability that a
stock market crash leg to a final bottom for wave
a-down from October 2007's
all-time high in the Industrials, a coming wave
5down,
is imminent. If the
triangle pattern is in fact occurring, which looks highly probably,
it means stocks should bottom intraday around 8,600, then bounce,
perhaps to 8,900ish +/-. That small bounce would be the final wave
{e}of this triangle. Then we
plunge. Tomorrow is our next scheduled phi mate turn date, which
+/- a day or so, could represent the end of this triangle pattern.
It looks to us as if wave
{d}down did in fact already
bottom at 8,622, and wave
{e}up has started.
Warning: I have seen
triangle patterns before where the last two waves, in the case,
wave
{d}down and
{e}up truncate, are abbreviated,
meaning if prices drop decisively below where we sit now, 8,600ish,
let's say they drop to 8,300ish, it likely means waves
{d}and
{e}truncated, completed
yesterday, and we are now headed to the 6,000's in the
Industrials.
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Truncated E Possibility
Posted by finam on 23rd of Oct 2008 at 09:34 am
Just a possibility in case the market continues to crash below 8300 Dow from here.
Wednesday morning's stock market plunge is the third sub-leg within wave {d}down, {c}down, and this symmetrical triangle is really taking shape, its validity enhanced by Wednesday's morning price action. No guarantees, as we strictly are dealing in probabilities, however this means the probability that a stock market crash leg to a final bottom for wave a-down from October 2007's all-time high in the Industrials, a coming wave 5down, is imminent. If the triangle pattern is in fact occurring, which looks highly probably, it means stocks should bottom intraday around 8,600, then bounce, perhaps to 8,900ish +/-. That small bounce would be the final wave {e}of this triangle. Then we plunge. Tomorrow is our next scheduled phi mate turn date, which +/- a day or so, could represent the end of this triangle pattern. It looks to us as if wave {d}down did in fact already bottom at 8,622, and wave {e}up has started.
Warning: I have seen triangle patterns before where the last two waves, in the case, wave {d}down and {e}up truncate, are abbreviated, meaning if prices drop decisively below where we sit now, 8,600ish, let's say they drop to 8,300ish, it likely means waves {d}and {e}truncated, completed yesterday, and we are now headed to the 6,000's in the Industrials.