| 4/8/2009 - Of all the wave counts that I have seen posted from the all to many 'Elliiott Wave Gurus', none have included this one
that just seems so obvious. Perhaps it is not the one that will prove
to be correct, but still so apparently obvious, at least to me, that it
is difficult to ignore. Now I, for one, have reason to doubt that we
will see the previous highs in the various indices anytime in the
foreseeable future but that doesn't have to prevent a bull market from
developing, complete with 5-wave impulses to the upside. If you've read
my previous stock market comments, you will know that for now, I doubt
we have seen the bottom based on the fact that the decline into the
March low from the January high, looks clearly to be a 3-wave move.
That said, consider the count labeled on this monthly chart, as well as the 'zoomed in' C-wave picture on this weekly chart,
especially if we do make a new low in the not-to-distant future and
especially if the high of the current rally ends at one of the
objectives posted on the weekly chart. |