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Here's something I picked up from another list, with chart gif attached,
to understand
better. About the confusing movement of S&P this two weeks. Am a bit
punch drunk
myself.
-------------------------------------
This is getting exciting. As you know, my best predictions come when
Elliott
and cycles come together as they did last March and last July. We have
a
cyclical turn due tomorrow, and the S&P is making a triangle in the
fourth
wave position allowing a forecast of a quick, brief spike up (to, say,
1310 -
1335,March futures) to complete the pattern and then ... That’s the hard
part. We
are, with a high probability, going down - just not sure how far. My
prediction is that it will be turbulent and volatile and that it has the
opportunity to test the October lows, but there is no way to tell until
it
gets under way.
The Nasdaq is making a diagonal triangle fifth wave and is about to turn
down. The Dow is the weakest, but should try to make at least a double
top. My
forecast remains in the 9750 area.
How low can you go? We are at the same place we have been many times at
the
end of a five wave move. This looks like it will get your attention,
but it
could be anything from a minor bump to the beginning of a significant
decline.
Given the mania in the markets, any opportunity for a decline should be
taken
seriously, and as we discussed earlier this week, we are now in the
window for
the “March” major seasonal turn. However, the middle of the “March”
seasonal
turn is still about 6 weeks away, which means that I will be firmly, but
nervously, bearish.
>From daily web comments: Kit Webster
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