Saturday, August 29, 2009
And the bear says ...
(Posted over 100 days, and 100 S&P points, ago by Corey Rosenbloom of AfraidToTrade blog, it was the most bearish scenario given Elliot wave analysis -AM):
This count implies that Primary Wave 3 completed on the March Lows, and that a triangle formed for the fractal Wave 4 of Primary 3 (an interesting interpretation) and that we’re currently perhaps in Wave A up of an ABC Wave 4 that could take us up to 1,100 or even higher. However, it is ‘bearish’ because it assumes the Bear Market has many more months to complete (perhaps mid-2010 or later) and that the final target will be lower (perhaps 550 - 600).