Saturday, August 29, 2009

Prechter Prepares for Next Wave Down !

Elliott Wave International released a Special Elliott Wave Theorist on August 28, 2009. Have you read or heard what Prechter told his subscribers in this Special EWT?


2 bloggers shared what they read, summary of key points below:


Robert Prechter now sees increasing risk, risk that this rally is ending and the next wave down is approaching.


"The Dow has essentially achieved the first of these retracements levels. Indeed, at this point, the Dow has also achieved a Fibonacci 3/8 retracement, creating a Fibonacci 50% gain in a Fibonacci 5 months. It would be a nice place for the rally to stop.”


"Given that stocks remain in the largest-degree bear market in nearly 300 years, it is not a good idea to bet inordinately on the upside. We should not ask more of the 'stock market gods' than they have already granted us.”


"The prudent thing to do is return to a bearish stance now that prices have reached the first Fibonacci retracement level. Investors should continue to keep the bulk of their wealth in cash and the safest possible cash equivalents, in the safest institutions.”


"If you actively invest in the stock market with money you can afford to lose, it's time to return to the short side. It may be early in terms of both time and price, but that's the cost of insuring that we don't miss profiting in the next wave down."



Wow! Have you read what my Stock Market Time Clocks say?


Be Prepared!

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