My latest guess has the SP500 Index (SPX) in the “B” move of the three wave counter-trend move off the March low. There were 5 waves down from October to March. I have been trying to figure out how June 16th (90 days from the low) fits in with the July dates I have. It could be another low into a small blow-off “C” wave before five more waves into October.
Chart courtesy of Stockcharts.com
This is only a guess but it is the best guess I have at this time.
Post Modified: July 3rd, 2008 at 12:34 am
Tags: A-B-C Correction · Elliott Wave Analysis · Standard and Poor's 500 (S&P500)7 Comments
7 responses so far ↓
great call andy,anxious to see what the 16th brings us, keep up the good work and thanks, mike
Mike - we will see… hope I am correct.
Andy, do you think that maybe today was the turning day (remember, in march your inital thought was for the 15th (saturday), and we had a blow-off low on monday 17th as Bear Sterns went under…but overall the mood had shifted….
so, I am hoping that today will be the start of the move up into July already…
Kurt - Hope so. Don’t know. Lotsa putz could be killed next week with a move back towards 1400ish…
Kurt - The March low was very easy as so many time cycles lined up at once. Currently, the cycles are all over the place. I like the a-b-soon-to-be-c setup of the waves so I am bullish on that. Sometimes the cycles will hit and I have no idea which direction we will go. I believe the “setup” is higher now into July. I’ve made my bets and I’m taking my chances. But picking a “low” here in no way compares to picking the March low or the July high in 2007…
Andy, I want to express to you what a breath of fresh air you are! I am a devoted elliotician, but I am now learning Gann, and you have helped me in my quest tremendously. I have great respect for the Elliot Group(Prechter) but over the past 2 years they where so wrong so many times, and you where so right, you made me want to learn Gann, I of course hardley ever agreed with Hotchberg, but he was a great counter opinion on where the possible outcomes could be, since finding you I have ceased my membership with the mother ship, and have increased my portfolio by 6% with your help. I am still an elliotician first but thanks for the light at the end of the tunnel.
Libby - I’m glad you can use some information here to help your investment plans. My knowledge grows each week and I hope I can pass that on to readers. As for Prechter, he wrote a wonderful book about waves. I just wish he would read it now… LOL! I occasionally read his stuff and it appears to me that he doesn’t have a clue. But he obviously does because he wrote the book. My opinion is that he allows his personal opinions to cloud his investment advice. I try not to do that and force myself to only write about cycles here.