Tuesday, August 28, 2012
Bubble to Bubble?
While I am not an avid Elliott Waver, I thought that this interpretation of the wave structure could possibly have some validity. However, I would place very little credence on this chart interpretation or my ability to analyze anything using Elliott Waves.
If--repeat IF--this was a valid wave count and the market made a high in this time frame at or near this price level, then the wave would be considered a 5th wave failure which would have ominous consequences should the market enter a bear phase. It would not be pretty....and I definitely would not want to be the President during this period.