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My own opinion is that yesterday was subwave 3 of impulse wave 1. We'll make a wave 5 and then look for a retracement (50%? 62%?) then buckle your seatbelts for the BIG ride down.
Hope I'm wrong.
- Stuart
>>> Arnold Thompson <arnoldt@xxxxxxxxxxxxxx> 08/04 11:08 PM >>>
1. The 3rd wave down is now forming on the daily DJIA charts.
2. Whether a C or 3 wave count, the current structure looks implusive.
The 3rd wave is becoming an extended wave.
3. Look for a mim. consolidation/retracement to 8600 DJU as a minor
wave iv. Does not need to be much at this point. Could be less than a
day or two days at max.
4. Then a final spike down should occur to finish the 3rd wave.
5. At that time, 3 waves down on the daily will have been completed.
Either a ABC or 123.
6. Since we have already gone way past the last 4th wave consolidation
of the previous bull market, this suggests 5 waves. (ie. possible trend
change)
7. More downside likely to come in a week or two finishing a 5 wave
count. Then a REAL retracement will occur. Everyone will say it's all
over and stocks will be a bargain.
8. Wary traders will look for a corrective character in the next rise.
This could be a month away.
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