A very technical analysis of the present wave pattern in the Dow

Posted on Nov 10, 2008 by in Letters

Measuring from the wave high in August to the wave low in October the wave was a 33% decline.  The automatic bounce to October 14 recovered 24% of that, and on November 10 the Dow is down 25% from the wave high.  The automatic bounce actually appears to count as a rally or upwave (2 days!).  It is also a basing point as may be confirmed from subsequent behavior (or misbehavior, as Mandelbrot would say).  That is a point of 9794.07.  A 5% stop calculated from that point would be as illustrated here.

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