Long Term DJI Bullish and Bearish Elliott Wave Counts - Part One
For clarity this post will be in two parts. Part two will have the bullish Elliott wave count.
I normally use the SPX for Elliott wave analysis. In this situation because of Fibonacci relationships between sub waves, DJI is a better index.
The bearish count implies the secular bull market that began in March 2009 is complete and that a multi year bear market has just begun. If so the subsequent bear market could retrace at least 61% of the prior bull market progress.
Evidence for the momentum and time dimensions remain bullish. I will detail the evidence in a subsequent post.
Based solely on the DJI Elliott wave count I give the bearish scenario about a 30% chance of happening.
Please view part two of this post.
Mark
I normally use the SPX for Elliott wave analysis. In this situation because of Fibonacci relationships between sub waves, DJI is a better index.
The bearish count implies the secular bull market that began in March 2009 is complete and that a multi year bear market has just begun. If so the subsequent bear market could retrace at least 61% of the prior bull market progress.
Evidence for the momentum and time dimensions remain bullish. I will detail the evidence in a subsequent post.
Based solely on the DJI Elliott wave count I give the bearish scenario about a 30% chance of happening.
Please view part two of this post.
Mark