Friday, May 7, 2010
Another downleg in progress...
My reading of the charts says we have another segment down which would be a wave '5'...the recovery from yesterdays plunge was wave '4', I believe...The next down leg could complete late today or Monday...We should go below yesterday's low before a real relief rally starts...
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5 comments:
Hi Mark,
Do you think we have only this one more leg down?
What do you mean by 'relief rally?' I imagine it could mean just a few day or week rally up before another possible leg down in the current correction. Do I have that right?
Addendum to my last post:
I think mostly my problem is I don't know anything about wave theory and what the numbered waves mean.
Hi Gail,
No, I just mean that this segment of the decline has one more leg...then you get a rally for some days, then another leg down, and so forth...Markets rise and fall , generally in 5-3-5 patterns, or sometimes 5-3-5-3-5 patterns, and I think we are right now in '4' of the first '5'...
Best,
Mark
Thanks Mark. I really appreciate your reply.
Gail,
I should mention that the markets are so short term over sold that it _could_ bounce Monday and go higher before it eventually turns down for the last leg of this segment...
Mark
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