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.
Friday, August 8, 2008
August 8, 2008; Big Rally This Morning
Well this is definitely not wave 3 of (3) behavior with the market up 200 points right out of the gate. And for no reason of course........oh wait, oil is down, so the media can give us that excuse. With the big rally this morning it looks like a 3 wave drop occured yesterday, and the rally this morning looks very impulsive. This is a very bullish wave structure. As long as Wednesday's high remain intact (1292 S&P cash) then the triangle scenario in the post just below this one is still in place. If by some miracle, wave 3 of (3) is underway, then the market better go on a monstrous historical-type reversal in the next couple hours.
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