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Wednesday, November 19, 2008

Some Charts and EWT counts

Been a while since I posted some charts...But I have been mentioning here that I am more bearish than bullish and what I think would happen. Posting some charts here to substantiate this view and also show what I was seeing and why I became bearish. 

Below are 2 charts which show 2 different ewt counts and what is happening now. Either way we go down to test the lows and maybe more. But lets see how market negotiates 2520 and then 2250. 

EWT Count1


EWT Count2

Next here is the weekly chart. Comments on it. Overall things dont look good. I hope some people benefitted from my caution messages over the past few days. A reversal will happen but from which level? Its anyones guess. For me the market looks sick...And there is a buyers strike out there. Sentiment needs to turn before we can start some sort of rally.


Best.

2 comments:

Ilango said...

Hi..Lee,

Liked your analysis.

In the EW 2, the 2nd wave has taken so many days hence the 4th may not be 4th as it took just 6 days but part of 3rd and once this down is over(which may be the 3rd and we are likely to see 4th up and then 5th down..

It is a possibility..

Lee said...

Yes Ilango..You are right...So many possibilities out there...We just have to play it day by day...I think EWT1 is the more possible case...(Big A completes soon)..Then a multimonth Big B up...OR start of new bull market... :)