Please refer my earlier post on DOW
here. The long term DOW chart shown here suggests that the significant top which we thought was in place in 2000, can be shifted to 2008. Now, if that is the case, then we should be expecting a big zigzag correction following this proposed end of a large impulse move. Of the proposed zigzag correction we have already completed wave {A} down in 2008 - 2009. Since then we have had a stupendous rally, which to me looks like a bear rally, though in my last post I contemplated some bullish possibilities. On a lower time frame though the price development since last major low lends itself well to be counted as a DZZ corrective formation. Which might be in its last stages. It looks we might be forming an ending diagonal in wave [c] of Y of {B}. But that would be too early to say something like that. Al we can infer is that there exists a possibility of yet another high before we really plunge on the DOW, and likewise on S&P.
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