This Elliott Wave blog is dedicated to sharing Fibonacci ratios and other technical analysis for forex signals, index futures signals, options signals, and stock signals. Elliott Wave Principle puts forth that people move in predictive patterns, called waves. Identify the wave counts, and you can predict the market.
Tuesday, July 22, 2008
On the Edge of a Cliff
More sellers than buyers in the market today with NYSE breadth negative and the Dow's decliner volume is higher than its advancer volume even though it's slightly in the positive. Notice in the S&P daily chart above that the stochastics are now overbought and starting to cross down.
The market is headed lower to a new low (S&P below 1200).
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