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Tom,
Based on this analysis, a move down to 1000 on the S&P would equate to approximately a 16% decline from the current high and as I mentioned in my post, a decline of this size would symmetrically match the decline of 1990. However, it is my opinion that a drop of this size is still several months away.
John Boggio
At 05:15 PM 7/16/98 -0700, Tom Stein wrote: >>>> Adding another comment using a different technique........in Elliot Wave terms....we appear to be finishing up a beautiful 5 wave pattern on the weekly, daily and hourly charts.....because the five wave pattern looks to be completing on the weekly chart....the implications are for the start of one of the largest declines over the past few years....this decline could take us back to at least 8500 and quite possibly to the lows of this year(below 1000 on the spx)............
P.S. Don't disregard Elliot Wave just because someone who has written books etc. on the subject has made some incorrect calls.....I doubt that Henry Ford was also the greatest driver in the world.....breaking down Elliot Wave into a successful trading strategy is just as difficult as any other.....first it's complicated....then you simplify it, so that it is usable.
P.S.S. Maybe someone with a gift for gifs(Alan Sears might be able to help)....could show us how we are completing a 5 wave pattern from the recent lows AND completing a 5 wave pattern from the Jan. lows AND possibly completing a larger 5 wave pattern that goes back a number of years.
Tom Stein comfut@xxxxxxx
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