Measured move…

Posted on Feb 09, 2013 by in Letters

http://stockcharts.com/h-sc/ui?s=$INDU&p=W&yr=4&mn=0&dy=0&id=p95004260755&a=268628424

 

Our esteemed colleague Jack Schannep (thedowtheory.com) has reminded us of an old technical analysis method -- that of taking a wave finished by an (effective) bear market, measuring it, and calculating the possible second wave.  Since Mar 09 the market made a 25.4 month wave of 95.7%, interrupted by a downwave, and then resumed in a second wave.  If we accept the posit that the second wave can be predicted based on the first wave we are presented with a target of 16000+ in November of 2013.

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