Thursday, September 11, 2008
Sept. 11, 2008; More 5 Wave Declines at Various Degrees
The 15 minute chart above shows the S&P which probably completed a nice 5 wave decline this morning at the open. With 5 waves down complete, a rally should ensue before the next round of selling commences. Again, yesterday's pathetic rally was done on pathetic NYSE breadth, and the last hour of trading saw all the markets fall off a cliff. Today's early morning selloff was accompanied by NYSE declining volume at about 80% and 4.5 decliners per 1 advancer. Again, the trend of strong moves down and weak moves up continues. And now 5 wave declines are unfolding. The evidence is becoming overwhelming that wave 3 of (3) down is underway and should take off at least 2500 Dow points from the 11,800 high.