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October 14, 2008

Update Hope
by Joseph Russo

Is "A" bottom in?
Should the masters of the universe be successful (at least for a time) in maintaining their illusory, and subtle monopolies over the masses, the best hope that exists today, (or upon a marginal retest) is for an interim (a) wave terminal marking a low prior to a much more punishing (c) wave into the 2009 period.

From an Elliott Wave perspective, the chart below represents the best possible hope given the data points recorded to date.

HOPE is in the air:

How low can we go?
As mentioned in our last article, given the present set of conditions, the chart below represents the worst-case scenario for a crash of standard proportion pummeling the Dow toward 3000 by years-end. Such a decline would equate to a near 80% decline over the course of 13-months, which is historically quite common for typical resolutions of this type. That said, all we have to add is to continue hoping for the best, but to also prepare for the worst.

Side-stepping the Abyss?

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Trade Better / Invest Smarter...

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo, presently the chief editor and analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program. Having passed the Level I examination in November of 2004, Joe is now preparing to begin study for his Level II exams. Upon successful completion of an exhaustive level III examination he will have earned the industries highly regarded designation of Chartered Market Technician.