Planet Yelnick

Prechter Swings at the Throw (Over)

Prechter brushed off yesterday's curveball and planted himself deeper into the batter's box.  Wave C of 2 has evolved as a textbook Diagonal, and today's fastball (higher) in the Dow is a classic throw-over.   He is swinging for the fences, calling this the last chance to get out before the reversal.  He expects the market to fall sharply in a matter of days and surprise the punditry with its strength:  "According to the wave structure ... a crash lies dead ahead."  The STU adds that even though the market closed below the target range given yesterday, the intra-day throw-over did go over the upper trendline of the Diagonal.  They expect the turn to come around the change of seasons (Sep21), after this Friday's triple-witching day and next week's Fed open market meeting (Sep20).  In the meantime, the Dollar is strengthening, befuddling the punditry which though a Fed pause and inflation fears would weaken the Dollar.  Gold and silver have dropped sharply. Oil is also well below $70 and expected to fall further.   Nothing is unfolding as the crowd has expected!  Batter up!

Market Throws a Curveball

Nice runup today blows Prechter's count, just as Neely's got blown a few days ago.  Now we focus on Tony C vs. Dow P.  Next fib level is Dow 11600 where C of 2 would be 1.618 times A and v of C would be  .618 times wave iii of C.  STU wonders whether triple witching Friday has spooked the market.  I wonder whether we are in a trading range through the November election.  If the Demo's take the House, market will fall.  Four-year cycle may be right-shifting into 2007.