A Special STU pegs us in a wave 4 descending triangle (lower tops, flat bottom), meaning the current leg d down should touch but not break the Nov21 lows (SP741, Dow7449) then bounce in a final leg e that ends lower than the Jan6 highs. Chart here. This leg e will SEEM like the awaited Obama Hope Rally, but it is a bear market fakeout. After leg e ends, we have wave 5 down and THEN the big wave (2) which so many seem to be waiting for (after all, it came in the Spring of 1930 ...). The leg e fakeout should suck the bullishness out of the market, setting up the rally after the big drop. This all should unfold slower than the herd seems to expect.
RANKING ELLIOTT BLOGSPHERE:
1): "We are in wave 2 of final wave 5"
2): "We are still in wave 4" (also Prechter's triangle)
Prechter's triangle to complete w4 is doing well. For me that station is to crowded.
So I expect the unexpected and that is still the flat.
http://i366.photobucket.com/albums/oo106/mtcharts/Flatortriangle.jpg
Posted by: MT | Sunday, January 25, 2009 at 10:03 AM
I am a loser! Plase help me!
Glenn Loser Neely
Posted by: Glenn Loser Neely | Sunday, January 25, 2009 at 10:17 AM
MT,
What formation is that A wave of yours? What it looks most like is a triangle, but a triangle can't come in the A wave position of a flat.
Posted by: DG | Sunday, January 25, 2009 at 11:38 AM
What happened here :
Tuesday, October 28, 2008 >>> STU Triangle
I guess we are expanding ???
Comments ?
I can I trade this ?
Posted by: Hank Wernicki | Sunday, January 25, 2009 at 12:59 PM
The preferred count at EWI (particularly if it's Hochner's) is the most likely to not play out. That agrees with MTs observations as well. There are other scenarios possible and not yet brought up. One of those is more likely to be the correct road map.
Posted by: Min | Monday, January 26, 2009 at 04:21 AM
Resist the force Lose. Don't go over to the dark side.
Posted by: Min | Monday, January 26, 2009 at 04:23 AM