Comments on: Elliott Wave Update on Dow Jones 17 Jan 2010

By: guru

guru — Sat, 27 Mar 2010 07:48:09 +0000

Ramki, this has reference to your analysis of DJI dated 17th Jan 2010. I should say you stand out as the best wave analyst – your view that the dow was just completing an extended third and had further room up has come out bang on.
We traded a high of 10955 so far this week (just about your minimum target) and although you have (had) not given any target for the 5th, i would imagine you will soon see the chart to write where you think this will top. Too tempting to say we must have just about topped, but will wait for your statement to take a call!! Brilliant as always!!

By: Jim

Jim — Tue, 19 Jan 2010 08:08:44 +0000

I would love to see the internal counts for wave (1) and (3).
They don´t look impulsive to me.

/ jim

By: Ramki

Ramki — Mon, 18 Jan 2010 05:56:40 +0000

Hi Wave Rust,
You are right in anticipating a Flat for the possible 4th wave. Because we had a relatively short ZZ for the 2nd, we should expect the 4th to be a complex correction lasting for an extended period of time. That will satisfy the requirement for alternation. My graph shows the correction as a ZZ because I was running out of place to mark the extent of the correction and the 5th wave that should follow. Thanks for your comments. Ramki

By: Wave Rust

Wave Rust — Sun, 17 Jan 2010 18:57:58 +0000

Ramki,
You get it- the extended 3rd. The 5th will likely take much of 2010 to complete.
As i posted at Yelnick’s, the coming 4th of 1 is an ‘uncrash’ when most expect/predict the next leg down for the bear.
It is the typical EW’s impulsive Cycle/Primary 1st waves reaction at momentary highs and small corrections. The corrections are always characterized by the doomers. It stiil amazes one when the indices get oversold with one or two down days!

You appear to have this coming 4th as a ZZ but I expect a flat to about 10,000.

Gold looks like a sideways complex trading range to me for a few months at least.

wave rust