DOW 0.38% $7.96 downer edi limited

prediction for the dow...

  1. 436 Posts.
    Hello all,

    Here's a little prediction for the Dow Jones...

    Assuming the action since the 10 October 2002 low has been a giant flat correction, then the upward move since 12 March 2003 could be taken as a misshapen excuse for a 5-wave terminal impulse (misshapen because the 3rd wave is crâp).

    If so, then (as the 3rd wave can't be the shortest in a 5-wave impulse) the DOW MUST NOT get above 9307. If it does, then the "giant flat correction" theory loses credibility (doesn't mean that it's not still a correction).

    The action for 12 June 2003 set another high - it could have been the 5th wave within the 5th wave of the theorised impulse since 12 March, or it could have been the 1st of the 5th of the 5th. If it does keep going up (those damn fools!) then I'll be looking closely at 9307 for a prior final turn.

    I suspect that it might already have topped out. If so, it will have to start on down tonight or Monday.

    If it goes higher again tonight, I'll be looking to 9307 as an absolute limit to the immediate bearish outlook.

    If it gets beyond 9307, then I give up on these mad Americans.

    Any thoughts gladly welcomed.

    Regards,

    Ultrafart.
 
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