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This is an Elliott wave analysis of recent action on the Dow:
March 30, 1998...wave "a" of upward "B" wave.
March 31, 1998...wave "b" of upward "B" wave (notice that close is below
open).
April 1, 1998... wave "1" of "c" wave of "B" wave.
April 2, 1998...wave "3" of "c" wave of "B" wave.
April 3, 1998...wave "5" of "c" wave of "B" wave. (In other words, wave B
of the flat correction which started March 25, 1998 is now complete.)
April 6, 1998...should start minor down move lasting 1-8 days.
When/how would this count be proven wrong? If Dow "theoreticals" penetrate
9085.79 intraday.
Does this mean one should go short here? I would not. This habit of picking
tops is not good in the long run.
The pattern unfolding, will actually lead to a buying opportunity in a few
days.
Carlos Lourenco
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