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<<Haven't checked the charts tonight, but I hope today (Thursday) is the end
of
wave C of wave 4. What does everyone else think?
Per the Dow, my Elliot read (and I'm no expert!) is that daily we are at the
end of a wave 4 and weekly we are in a wave 3. >>
As of last Thursday, the drop from 5/4 has stayed in a very neat little
channel. The two main downwad thrusts within the channel are of equal length,
which makes me consider the drop from 5/4 as corrective, not the required
impulse wave for an ending C wave......yet. Actually since 3/25 on the Dow, I
haven't seen anything but corrective waves. We're in a triangle or some other
complex formation, and may be working through an X wave now. Whatever is
going on, I think a quick break of the S&P 500 upper trendline (4/6 - 4/22)
will signal the end of the correction, and the start of wave 3 to the upside.
The correction since March is wave 2 of the thrust out of the six month
triangle of last year. Wave 3 target at a minimum is Dow 10,500, and once we
get going, I believe it will happen a lot faster than anyone expects.
Peter
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