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| Contracting & Descending 4th wave Triangles are similar and lead to the same conclusion shown below |
only because that Elliott site did not display a Desceding triangle as Ive DRAWN in the lower chart.
The original chart is from Columbia, and the Additions are MINE.
After the Completion of that 4th wave shon above we obviously get the FINAL 5th wave which continues the RUN from the March 9th ,2009 lows to my target top as of August 17th, 2011.
Using FIBO math, we can get some idea of where the highs will be.
900 pts were lost in 2008 & 2009
900 X 78.6% = 710 + 666 = 1376
Jay
2 comments:
At 1311, they are right at 62.8% retrace off Monday's low from 1322 to 1295
a fibo drop back of 62% would get the spx down to 1299 area by late today or open tomrrow
expect one more run up tomrrow to maybe 78% to 1316
expect 1294 or lower to as low as 1280 on Thsday afternoon
Jay
So I figured they'd keep us green today, but you can almost smell the desperation to do it. All the talking heads are trying to tell us why the debt issue is no big deal, and each time the market rolls over a bit, the buys come out of the wood work. Actually they come out of Bernanke's POMO, but let's not hash it.
Jay - I could see 1225 coming. Not sure if its in this cycle or not ... more studies on that tonite.
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