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Friday, October 16, 2009

Elliott Wave Update ~ 16 October

5 waves down from the 1096 top but it could be a [C] wave of an expanded flat. That implies Monday heads up. Lots of weird things going on. VIX closed red. How OPEX effects it I am not sure.

I am of course watching the DOW trendline in log scale. This I believe is the one to watch out of all the indexes and using log or non-log for the next few weeks. I always preferred log scale for trendlines.

Again one last mention of that DOW 10000 post. I only meant to say that hitting DOW 10K has helped perk up the public's interest again by showing some personal examples and somehow it morphed into something more than it was ever meant to be. It came off as crass, generation-biased, and asinine. Its really not me.

Greedy people come of all ages and stripes. And so do stupid people.... like me.

I just need to stick to charting for a while and wish to curtail any further discussions about who is to blame for an economic mess we are in. As I have said many times in the past, we are all to blame. (although the mass fraud that was committed by individuals - i.e. - mortgage fraud -they should go to jail - but we know they won't)

As far as the market, I don't think upside is done just yet. I don't particularly like my counts too much at the moment - but sometimes that's what works best - , but for lack of a better imagination, it'll suffice until more evidence unfolds.
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