Last week was a mixed week again with corporate earnings and climbing oil prices dominating the financial headlines. The week started with two down days, which were apparently because of climbing oil prices according to many pundits. By the way, crude oil reached $120 I think this past week, although it may not put a [...]
Before I start with more wave explanation, I think it is good to review Fibonacci numbers, which we usually knew from sometime ago in elementary or middle school. From my study, the close relationship between Fibonacci numbers and Elliot wave is what makes Elliott Wave Theory (EWT) so useful and accurate (compared to other technical analyses I know) [...]
US market seems to rebound quite nicely since last friday 200+ points drop in Dow Jones Industrial Average (DJIA). This week we saw two big rally days that carry DJIA and Nasdaq composite indexes to a new 1-month high. So, where does this carry the wave count ? I believe we are still going to [...]
As I called in the previous post, US stock market started declining this week with the highlight disappointing Q1 2008 earnings report coming from General Electric (GE). The single digit decline in profit apparently comes from the struggling finance arm of GE, which was affected by the crunching US credit market. When I went to [...]
Last week US market resumed its rally, which I think is going to finish the first wave structure in this bear market rally. The rallies in Nasdaq 100 composite (traded as QQQQ ETF) and Dow Jones Industrial Average (DJIA) were showing a 5-wave structure, which means that the main trend right now is up [...]
This is my short update on Dow Jones Industrial Average and QQQQ – Nasdaq ETF. Last week and early this week, we saw the US market rallied quite convincingly. This indicates that the first full 5-wave form in this bear market is done. Dow Jones Industrial average chart showed a truncated (failed) wave 5 (wave [...]