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where do i think we are:
using elliot wave anaysis: corrections are a 3 wave affair A B C,
bear markets are of impulse in nature (5,3,5,3,5 wave counts)- for A & C
and (3 wave counts) - for B. (there are minor & minuette waves within
these of course)
the jury is still not out yet whether we will have a bear market in
full, or a bear trend. ie. a 5 wave major decline or just an ABC.
which ever it may turn out to be, we have so far completed (or about to
complete) wave 4 (counter trend rally) and wave 5 to the downside just
lies ahead. this move will complete the fist leg of this decline-
ie either A (of ABC) or wave 1 (of 5 of A).
the following counter trend rally might tell the full story as it
unfolds.
note: i am no expert in e-wave but have used it in conjuction with
regular technical analysis.
mike arnoldi
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