My charts said that we completed a major uptrend on the NYSE Composite on Monday (11/24). That uptrend started back near October 14th when my last major downtrend ended. Some of you might remember when the Dow went down -460 points in one day.
That was the bottom for my last downtrend and for all the common indexes, like the S&P 500, NASDAQ, Dow, Russell 2000, and the NYSE Composite. Now with the completion of this recent uptrend for the NYSE Composite, I believe the rest of the common indexes could follow the NYSE Composite, back to the downside.
The answer could come as soon as tomorrow (Monday - 12/08). That's when my charts say I will start another Elliott Wave-3 down. You can read all about Elliott Wave on the internet. I use Elliott Wave in a very basic way, along with many other technical charts and indicators.
All my efforts are on what the market going to do next. That includes daily, weekly and monthly trends. If you use Elliott Wave correctly, it can actually tell you what the stock market is going to do next.
How did I arrive at tomorrow being a another short term down trend? It starts back to that NYSE Composite uptrend completion. After that uptrend completion, we then went down and completed our first Elliott Wave-1 on Monday (12/01). Then we started a counter trend rally, Elliott Wave-2 up. That wave-2 up completed last Friday and now tomorrow (Monday - 12/08) we should start a new Elliott Wave-3 down.
This new Elliott Wave-3 down could take 3 days to complete, that is based on how long the last Elliott Wave-1 took.
So lets see if I am correct about my latest predication and if correct, then that will confirm my current analysis. Remember it could just start on Monday and then get more serious down on Tuesday (12/09) and Wednesday (12/10).
Finally, maybe my recent uptrend completion was also the end to our current bull market. It's possible, because the NYSE Composite had its "Death Cross" (50 dma crosses over the 200 dma) back near November 20th.
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Stock Market: Look For Stronger Downward Momentum
Published 12/08/2014, 02:57 AM
Updated 07/09/2023, 06:31 AM
Stock Market: Look For Stronger Downward Momentum
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Latest comments
Looking forward to you next disinformation article, advising everyone to buy at 2090 just before the market tops.
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