The Wilshire 5000 Revisited

By: Joseph Russo | Sat, Sep 1, 2007
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Perceptions from May of 2007:
Four months ago, we presented Bullish: Like There's No Tomorrow, which presented a bullish view and critical-mass-breakout buying opportunity for long term-investors interested in capturing further upside potential in the Wilshire 5000 index.

We don't get fooled again:
Those adhering to the general protocols outlined in that piece are flat - as they now hold this index sternly to task - awaiting a long-side re-entry signal upon a close back above the 14991.68 level.

Going Forward:
All now rests upon the success or failure of more pie-in-the-sky interventions designed to abate a yet to be quantified risk, which now permeates through the financial-sphere with the threat of a terminal cancer.

Investors:
Adopting prudent long-term measures of austerity as outlined in our Wilshire 5000 link from May - is essential to successful investing, and is the type of guidance regularly highlighted in our longer-term studies.

Traders:
Those navigating in and out of broad market indices seeking short-term speculative profits will continue to do well in strictly adhering to the price-action, which if interpreted properly, telegraphs the markets short-term intentions with stunning accuracy - as evidenced in our chart below.

Below is an actual price chart, which will appear in the "Outlook" for Tuesday 9-4-07:
The chart below documents standing short-term trade-triggers and price-targets as captured from Elliott Wave Technology's Near Term Outlook.

For active traders of all time-horizons, there is no better road map for navigating broad market indices than the Near Term Outlook.

The Week in Review:

The NASDAQ 100

The NDX:
Up against resistance in its eighth-week of correction, fresh highs into the coming week may prove bearish, while an immediate sell-off to re-test the lows will likely turn the NDX more bullish near term.

That said; let's see how the balance of broad market indices' faired in closing out the month of August:

As the financial-sphere attempts to quantify known-risks vs pending interventions, it is likely that The Dollar remain under pressure for the next couple of weeks.

The Dow has managed a respectable bounce off the lows, but remains at the lower end of its former range from May/June.

Gold continues to chomp at the bit in its quest toward breaking decisively above the large overhead triangle boundary of resistance.

Unlike the Dow, The S&P has been unsuccessful in reclaiming the lower end of it former May/June range.

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Visitors to the blog are encouraged to browse all of the page-archives to acquire a better sense of our unique brand of analysis and forecasting services.

Until next time ...

Trade Better / Invest Smarter...

 


 

Joseph Russo

Author: Joseph Russo

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo

Since the dot.com bubble, 911, and the 2002 market crash, Elliott Wave Technology's mission remains the delivery of valuable solutions-based services that empower clients to execute successful trading and investment decisions in all market environments.

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating their exposure to the financial markets.

Since the official launch of his Elliott Wave Technology website in 2005, he has established an outstanding record of accomplishment, including but not limited to, ...

  • In 2005, he elicited a major long-term wealth producing nugget of guidance in suggesting strongly that members give serious consideration to apportioning 10%-20% of their net worth toward the physical acquisition of Gold (@ $400.) and Silver (@ $6.00).

  • In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."

  • On May 6 of 2007, five months prior to the market top in 2007, though still bullish at that time, he publicly warned long-term investors not to be fooled again, in "Bullish Like There's No Tomorrow."

  • On March 10 of 2008, with another 48% of downside remaining to the bottom of the great bear market of 2008-2009, in "V-for Vendetta," using the Wilshire 5000 as proxy, he publicly laid out the case for the depth and amplitude of the unfolding bear market, which marked terminal to a rather nice long-run in equity values.

  • Working extensively with EasyLanguage® programmer George Pruitt in 2010 and 2011, the author of "Building Winning Trading Systems with TradeStation," he assisted in the development of several proprietary trading systems.

  • On February 11, 2011, he publicly made available his call for a key bottom in the long bond at 117 '3/32. Within a year and half from his call, the long bond rallied in excess of 30% to new all time highs in July of 2012.

  • For the benefit of members and his general readership, he responded to widespread levels of economic and financial uncertainty in the development of Prudent Measures in 2012.

  • He publicly warned of a major top in Apple on October 26, 2012 in the very early stages of a 40% decline from its all time high.

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