Tuesday, April 28, 2009

Daneric's Elliott Waves: All Eyes on the DOW

For those of you who googled "Daneric's Elliot Waves" and ended up here, his blog is this way. I have the link to his site on the right-hand column of this blog also, among "SKF Bloggers" list. Have a nice day, and happy trading, long or short.


Daneric's Elliott Waves: All Eyes on the DOW

Daneric used to be one of the "resident chartists" on the SKF message board (I guess he still is, but he's more focused on his own blog these days). He uses Elliot Wave and other standard TA (trend lines, Fib numbers, etc.) to understand and predict the market movement. In this post, he is showing a potentially bullish scenario for Dow based on his analysis.

Just about everybody I read and listen to is saying the market is due for a huge correction downward (except for those happy perma-bulls in certain financial network), and I myself anticipated as much. Except it hasn't happened. After the sharp V correction from March low, the Dow Jones index has basically been flat for the most of April. It refuses to go down. It still shows good accumulation (On Balance Vol, CMF). Take a look at Dan's site and see for yourself.

As an aside, one of my friend said of this recent resilience of Dow: "The market is pricing in the government."

I think he may be right.

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