This Week - A Strong Downtrend?
This week could be very strong to the downside. My Elliott Wave bear market A/B/C pattern is now clearer after last Friday's strong rally.
In the chart above of the NYSE's Daily chart notice at the bottom of the chart, that since the end of Februrary, we came down 7 Elliott Wave sub waves.
That was my (A) wave and it ended near March 9th. After it ended we reversed up and created another 7 Elliott Wave sub waves back to the upside. It ended last Friday and that was the completion of my Elliott Wave (B) wave.
Now the pattern is incomplete unless we we complete the Elliott Wave (C) wave. I believe that next week we will head down again and complete the final 7 sub waves down and that will complete our last and final (C) wave.
I know it all seems to simple, but Elliott Wave Analysis has taught me that the stock market really likes "order and sequence" and what makes sense is another 7 sub waves down for that final (C) wave.
An old Elliott Wave expert once said that bear markets are all about A/B/C patterns. Maybe we really are starting a "new" bear market?