Comments on: Elliot Wave Update

By: BT310

BT310 — Fri, 21 Nov 2008 21:30:44 +0000

Your prophecy was fulfilled. We could move higher Monday (one last fakeout to 820) and sell-off to complete the move.

By: Kevin

Kevin — Fri, 21 Nov 2008 14:50:13 +0000

Tom,
I agree that the fact that the foreign markets are up after a U.S. plunge is new and signals that they may not be as reliant on us (although we are still extremely important to their economies) However, I don’t think that this would limit the effectiveness of an EW analysis. EW has nothing to do with fundamentals, it is just looking at the prices patterns of the chart.

By: zakkaz

zakkaz — Fri, 21 Nov 2008 10:45:05 +0000

Dare to deam!……but no, I suspect Asian markets will not decouple from the US in my lifetime…….e.g. Australian market was down all morning following the US close but then in the late afternoon rallied strongly…….but all in the anticipation of a US bounce-back following the Citi announcement.

By: tom

tom — Fri, 21 Nov 2008 04:29:49 +0000

Just my opinion……
World market decoupling is making EW susbstantially unrealiable except for intraday small moves. Holy Moly – After today’s Dow disaster, Hang Seng is up 4.94% at 11:30pm EST – right now! Is that a good thing?….no. They are saying they don’t need us anymore….this really is a new occurance.

My point is that more than ever before we need to be careful with trades base on EW for longer than a day. Global relavance is the tidal wave that you don’t see coming.

By: dumbpainter

dumbpainter — Fri, 21 Nov 2008 03:35:23 +0000

That first chart made me smile.

Thanks for your hard work. It feeds my family.