Elliott Wave Stock Market Forecast - November 2, 2006
Our analysis suggests that wave (b) completed its triangle pattern last week...and a wave (c) decline is now underway. If our analysis is correct, wave (c) should, at a minimum, retrace all of the gains since the October 2004 lows.
According to Elliott, waves within the same pattern usually exhibit price and/or time relationships to each other. As for price, in the present case, wave (b) is about a Fibonacci 2.382x the length of wave (a). As for time, subwaves a and e of the (b) wave triangle each lasted 19 weeks. Elliott Wave Charts and further analysis can be found here.
According to Elliott, waves within the same pattern usually exhibit price and/or time relationships to each other. As for price, in the present case, wave (b) is about a Fibonacci 2.382x the length of wave (a). As for time, subwaves a and e of the (b) wave triangle each lasted 19 weeks. Elliott Wave Charts and further analysis can be found here.
posted by Elliot Brenner at 6:32 PM
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