Saturday, November 7, 2009

Bear Market Rally Over: Prechter (Part 2)














FreeWeek Update: Elliott Wave International's publications have alerted subscribers -- and FreeWeek attendees -- that volume and breadth readings have been contracting throughout the multi-month rally, which signals a critical juncture ahead. EWI Chief Market Analyst Steve Hochberg wrote in his Wednesday Short Term Update, "(On Tuesday), the VIX closed back within two standard deviations of its 20-period moving average, which for the past seven months, has resulted in a near-term rally." On Wednesday, stocks closed up; Thursday saw a huge rally. On Friday morning, the Dow regained the 10,000 level. But the Update reports that the "next leg … is fast approaching."

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