I think this correction of the entire wave 1 will not exceed 61.8%. Playing with fractals, we'll find that at the beginning of this bear market not the 1st of I nor the wave I were retraced more than 61.8%.
Monday, October 19, 2009
Elliott wave count for Nasdaq
Previously, I've given a target for the Composite of around 2200-2270. Now it's time to enter in some details. Firstly, the current count for the Nasdaq Composite.
I think this correction of the entire wave 1 will not exceed 61.8%. Playing with fractals, we'll find that at the beginning of this bear market not the 1st of I nor the wave I were retraced more than 61.8%.
As for the timing, in both previous cases of 1st waves, the correction has lasted about 61.8% of the impulsive wave. That gives us a target for the year-end. But, since we're already near an important juncture, I think we'll get Nasdaq topping in few days and other broad indexes (SPX, DOW, XMI) doing so in December, while Nasdaq will make a double top.
I think this correction of the entire wave 1 will not exceed 61.8%. Playing with fractals, we'll find that at the beginning of this bear market not the 1st of I nor the wave I were retraced more than 61.8%.
Subscribe to:
Post Comments (Atom)
Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend. https://elliottwaveinstitute.com/
ReplyDeleteelliott wave theory online
elliott wave theory for stock exchange
Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend.
ReplyDeleteWhat is elliott wave theory?