That is the primary Elliot Wave Count I am going by. Note that the candlesticks in the green circle form an In Neck bearish continuation pattern, of course this pattern needs to be confirmed Monday. Basically I am looking for the collapse of the market sooner rather than later. Hints at bank nationalization and failing European sub-prime countries could trigger this in the near future.
Also, I have access to Stockcharts now. So I am presenting some charts I have previously been unable to present. Above is a hybrid chart combining the New 52 week low and CBOE Put/call ratio that I always talk about. If you look at the MACD on that chart, you will see that the it spikes to confirm an intermediate bottom. Also whenever the 25ma crosses the 50ma moving up, thats when the market will probably drop.
The above chart is from Unersaettlich and Schweizer from stocktock.com. It is the ratio of the SP500 bullish percent index vs the CBOE put call ratio. Basically when the 30ma crosses the 50ma going down, there will be a sharp drop in the new future. You can see that we just crossed it not long ago. There maybe some small bounces next week. But it really looks like we are in a STRONG downtrend for a few weeks. But of course you never know these days what Obama and Gethner have up their sleeves...but they sure are running out of new cards to play.ps. Rick Santelli rocks!
1 comments:
Well done. I'm not sure if we continue down from from here or move into an intermediate wave. The wave counts I prefer have us either have us ending one or continuing three. Bottom line is more weakness to come. CPC has not shown signs of turning yet so more near term weakness may be ahead.
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