“It is better to be looked over than overlooked.”
Commentary & Analysis
Our Wave View is Scary – 5,100 on the Dow before this is over!
It didn’t matter which market we were watching – currencies, commodities, stocks – they had become oversold after a plunge throughout the month of September. We expected a bounce and positioned our members accordingly. It is paying off so far.
And as we currently see it, this is only a near-term correction that is going to be resolved in another major market collapse.
What we have seen so far, we believe, is just the begging of what could be a major leg down in the stock market–the C wave. It runs fast and deep. It is the most powerful of the waves.
This is a very scary view. But based on our long-term Elliott Wave count, it seems plausible. Dow Jones Industrial Average Weekly:
As those who follow us regularly know, we are big fans of using Elliott Wave principles to pinpoint trade setups. We recently came across an article from Elliott Wave International (posted below) that does a good job of establishing the technical justification for another steep market decline.
Give it a read – you’ll learn a lot in just five minutes.