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Elliott Wave Stock Market Update - May 4, 2010
| May 4, 2010 update...Three days ago I said..."if my "b" wave horizontal triangle analysis is valid, we should see a break of the triangle's baseline in the coming days." The triangle's baseline WAS broken today on a semilog scale basis (see first chart)...providing the first step of a confirmation process for an intermediate term decline. Step 2 of the process will occur when support is penetrated on the arithmetic scale chart...currently around 10750 (see second chart). Please note on the fourth chart that the NYSE Composite today became the fist indice on an arithmetic scale to close on its (triangle baseline) support line. While the Dow Jones Industrial Average made its recent high 8 days ago, the Dow Jones Composite Average made its high yesterday...completing a diagonal triangle pattern (see third chart). Today's action was fully in line with the type of action that should follow the completion of this type of topping pattern. I expect to see more downside action in the coming days and weeks followed by brief rallies that retest support lines that are broken along the way down. |
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