hessian
Analyst
- Reaction score
- 23
Another way to look at post #140 (if you are a bear and may possibly have more merit because it fits the big swings theme on the chart when you consider scaling) is that the Oct 31 2007 high is the 5th wave of the advance, and the recent low in Now to 1438 area (#8 circle) would be only #1 in a decline (so should be the #6 circle). Remember in Elliott wave theory you have a 3 step consolidation after a 5 step advence for a total of 8 swings in a sequence. It then repeats. You can also break the patern down to finer scales. So following this logic, we would now rebound as step #2, but will then have a lower low step below 1438 before we advance again Yuk!!
But either way you look at it, we are now due for an advance. Trust theory!
Might be argueable that, at a finer level, we have just completed the 3 waves since the last (bullish #5-high, being Oct 31).
At a finer level, I can easily count 3 downs, ea. having small corrections 3rd being yesterday. Think bears would buy this?