April 23, 2010 Friday we eased up to DJIA 11,200+ in a five wave count. That took us to a 0.618 retracement of the drop from the market high in 2007 to the March 2009 low as I predicted on November 23, 2009. In Elliott Wave Theory, a Wave 2 can retrace up to 100% of the Wave 1 fall from the high, but it would be highly unusual for it to do so. The risk of staying in the market just increased exponentially, even though all stocks have not been under distribution yet.
correction and will most likey return and test highs.
ReplyDeleteThe action in the market this morning allows the market makers to establish more shorts before heading lower.
ReplyDeleteMay 4, 2010
ReplyDelete"The markets tumbled today, and there were many excuses given. Duncan nailed this one with his call (above)."
The Bender
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