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« Google May Lead The Fall | Main | Free Week! »

Tuesday, February 07, 2006


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tony caldaro

Think we're approaching a short term low at least, as well. Looking for NDX 1634 and SPX 1249 for a bottom, or a rally above todays highs. Have a nearly completed 5-3-5 zigzag from the Jan highs in both major indices.


The market seems to be correcting in a zig zag as tony pointed out. What makes me question this count is the overlaping moves in the major averages from Feb 2 to Feb 7. Also, the sub-averages (russell2000, nyse, xau...etc.) peaked out on the x wave of the zig zag. Could this just be a running wave two during the period noted above? I don't know but if the markets move down dramatically at the end of this overlapping then we may have a top in. The XAU as noted in the previous post by Yelnick has turned down from a long-term third high and will likely move down considerably from here.

Happy trading

Jimmy James

Yep. This is a third wave crash alright. You know how you can tell?

During wave 1 down (2000-2002) the NDX used to routinely sell-off 3-5% per day. Now that wave 3 has started, the selling is so vicious that it has taken 3 weeks to sell-off 5%.

Joseph Russo

Russo weighs in with an excerpt from Elliott Wave Technology's NEAR TERM OUTLOOK.

Russo's stellar and consistant guidance continues to balloon the accounts of all EWT subscribers. Check the latest stats and testamonials at his stockcharts link @

from EWT's NTO....


"The Dow is under pressure here as key power uptrend support is under test. RSI is taking its sweet time in getting overbought basis the daily chart, while the MACD sinks back below zero. We have an apex in February that may mark a low or a high. Right now, the reflex is for a low, however sentiment can change on a dime if enough of a wash out occurs. The market is subject to a sharp rally at a moments notice though things appear rather bleak at the moment. Should we breakdown below the January lows, the H&S/Diamond pattern target of 10360 becomes more probable. Continued weakness along these lines in the weeks and months ahead will near about guarantee a retest of 10K. It is at a failure of the 10K level that the Dow will become susceptible to more serious damage. Beyond the maturity of the cycle at hand, we are experiencing nothing more than a garden-variety pullback from the October/January advance. Further price action going forward shall soon telegraph the markets true intent."

end NTO excerpt.....

EWT is niether bullish, or bearish. Instead, we remain as always - "Matadorish"

It takes two baby... Read I,MATADOR to find out exactly what we mean... It's a "slow read" so take it easy...

tony caldaro

GOOG is very close to a bottom or has bottomed. Most oversold the stock has ever been. Possibly new highs by April ... Tony


New highs by April? It has a long way to go before that happens. Market has been known to be volatile in April. In the long run, I think the stock will implode. Googles market cap is a freaking $100 billion. There's no way an internet company who makes it's sole income from ads is worth that much.

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