Comments on: Elliot Wave Update http://www.focalequity.com/2008/11/19/elliot-wave-update-6/ The Focal Point for All Traders Thu, 29 Jul 2010 12:11:42 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Paul http://www.focalequity.com/2008/11/19/elliot-wave-update-6/comment-page-1/#comment-12537 Paul Thu, 20 Nov 2008 03:53:37 +0000 http://www.stocktock.com/?p=9515#comment-12537 I went over some S&P500 trendlines of over a decade ago, and found that today's low of 806 hit a trendline drawn from April 1997 to October 2002. I don't think that this trendline is all that important, but I wanted to point it out. Moreover, I did find something more interesting. If you look at your monthly charts and go back to the 1980's ending in December 1994, you'll find a fairly stable upward trendline that when projected out, it ends at approximately 883 this week. That was a crucial level to beat if we were going to have that 4th wave rally above the 900's. That twin peak we had from 11/13-11/14/08 seemed to rally right back up to it and make a head fake above it on a grander scale. Finally, I am going to spend some time tonight looking at the standard deviation out of the bollinger band. On a weekly timeframe, it seems as if bottoms are at about 2 SD below the bollinger band's middle line. We aren't that low yet. I calculated 700. Here's my math for anyone to verify: 984-2X(984-845)= approximately 700 I went over some S&P500 trendlines of over a decade ago, and found that today’s low of 806 hit a trendline drawn from April 1997 to October 2002. I don’t think that this trendline is all that important, but I wanted to point it out.

Moreover, I did find something more interesting. If you look at your monthly charts and go back to the 1980’s ending in December 1994, you’ll find a fairly stable upward trendline that when projected out, it ends at approximately 883 this week. That was a crucial level to beat if we were going to have that 4th wave rally above the 900’s. That twin peak we had from 11/13-11/14/08 seemed to rally right back up to it and make a head fake above it on a grander scale.

Finally, I am going to spend some time tonight looking at the standard deviation out of the bollinger band. On a weekly timeframe, it seems as if bottoms are at about 2 SD below the bollinger band’s middle line. We aren’t that low yet. I calculated 700. Here’s my math for anyone to verify:
984-2X(984-845)= approximately 700

]]> By: zerosum http://www.focalequity.com/2008/11/19/elliot-wave-update-6/comment-page-1/#comment-12525 zerosum Thu, 20 Nov 2008 01:44:23 +0000 http://www.stocktock.com/?p=9515#comment-12525 thanks for info...i'm relatively new to TA and EWT...but its very interesting the way the market works in patterns. Your information supports my general feeling that forward earnings for s and p times p/e of 10 gets you in the 650-750 range...maybe even lower if very long recovery. More data pointing the same direction....down thanks for info…i’m relatively new to TA and EWT…but its very interesting the way the market works in patterns. Your information supports my general feeling that forward earnings for s and p times p/e of 10 gets you in the 650-750 range…maybe even lower if very long recovery.
More data pointing the same direction….down

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