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Saturday, March 12, 2011

Weekend Charts and Stuff

There is ample reason to believe P[3] has begun.  Sure we may get another squeaker high on some indexes and form a larger non-confirmation pattern within the markets, I certainly won't rule it out as we are keeping a eye on the short term patterns. But the larger stance to take I think is a bearish one.

This Nikkei/ DOW chart stands out with the non-confirmation so far.
The CAC is also a very bearish-looking wave chart over a length of time.
An important chart for a major world index I am watching is India's.  Looking for a 5th wave down to confirm a large bear market is in progress. A break into wave 1's price range would be troublesome from a bearish standpoint.
China.
China looks "cheap" until you zoom out and realize it is still quite elevated.

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