Ewj: elliott wave
- Thread starter mu200411
- Start date
I agree with Mup Target. Here what I wrote on my blog about a week and a half ago.
10/9/08: Technical analysis did indicate to me about a year ago about visiting the 2002 lows once again and even lower. The move down from 2000-2002 was larger degree wave A, followed by larger degree wave B into October 2007 to SPX 1576. Wave C which is the most devastating wave (almost a crash) is underway and is not over. However, I was hoping that I was wrong, not to prove that technical analysis is useless, but I did not want to see the devastation to the US and world economy (so much pain for so many poeple). I was afraid to break SPX 1170 and close below it. The second target was SPX 940 (which is 78.6% retrace of the 200-2007 move-(1576-768)*0.786=940). Now we did break that target today and below that is 2002 low (SPX 768). I do expect wace C to equal larger wave A (and not wave A * 1.618) which is 785= 1553-768, take that and subtract it from larger wave B high of 1576 and you get SPX 791. We could see that sharp drop tomorrow or we may stop at SPX 840-860 rally for few days before we bottom at SPX 791 on 10/24/08. Either case we should see some short term bottom tomorrow as I have indicated for several weeks now (10/10/08+/-2 days). Be very careful and good luck!!!!
http://financialtrader.wetpaint.com/
Rgds
10/9/08: Technical analysis did indicate to me about a year ago about visiting the 2002 lows once again and even lower. The move down from 2000-2002 was larger degree wave A, followed by larger degree wave B into October 2007 to SPX 1576. Wave C which is the most devastating wave (almost a crash) is underway and is not over. However, I was hoping that I was wrong, not to prove that technical analysis is useless, but I did not want to see the devastation to the US and world economy (so much pain for so many poeple). I was afraid to break SPX 1170 and close below it. The second target was SPX 940 (which is 78.6% retrace of the 200-2007 move-(1576-768)*0.786=940). Now we did break that target today and below that is 2002 low (SPX 768). I do expect wace C to equal larger wave A (and not wave A * 1.618) which is 785= 1553-768, take that and subtract it from larger wave B high of 1576 and you get SPX 791. We could see that sharp drop tomorrow or we may stop at SPX 840-860 rally for few days before we bottom at SPX 791 on 10/24/08. Either case we should see some short term bottom tomorrow as I have indicated for several weeks now (10/10/08+/-2 days). Be very careful and good luck!!!!
http://financialtrader.wetpaint.com/
Rgds
