Friday, August 23, 2013

 

Good chance we could see a rally in the stock market

No market moves in a straight line.  The axiom I learned is that it is the job of the stock market to keep you out when it is rising and keep you in when it is falling.  That means sharp corrections against the main trend especially at the beginning of a new trend.  If the up trend which began in March 2009 is over then we will see some big moves up that don't take out the old highs.  (Kind of the definition of a falling market: lower lows and lower highs.)  Well patterns are starting to look like we might see one of these corrections soon.*





*I go to Daneric's blog for my Elliott Wave counts because he is really good.  I don't often disagree with him but if I do I would say.  In this case I think his count is spot on.  Elliott wave is subjective but not without worth.  There are clear rules about count waves which make vastly different wave counts between individuals unlikely.

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