Elliott Wave Theory stock market technical analysis. Major U.S. Indexes.
Specializing in QQQQ and the DIA analysis and trading. QQQQ and DIA Options trading.

Shepwave Elliott Wave Theory Tutorial

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ShepWave ShepWave Update from August 21.. DOW was still at 11,400. by ShepWave.com Posted: 10/10/2008 00:02 EST Shepwave.com - www.shepwave.com Print, and hit the Back Button - page served 10/10/2008 12:01:59 AM   ShepWave Regular Scheduled Update for Thursday. Fibonacci Extension Targets. Date Posted: 8/21/2008 1:21:52 AM Regular Scheduled Update for Thursday. We can  now possibly begin  to subdivide the moves. I show the Daily chart of the Dow Industrials index to remind us of the larger degree  Fibonacci Extension  potential target.  So, asuming that the lows of july were wave  1 down of the  larger degree wave 3 down we should be now in wave 3 of 3 down. IF this Elliott Wave Theory  count is the  correct then we 'should' be able to  expect a big  move down soon.  Notice we  have stayed below the 50 Day Moving Average.  This may be a  good stop  loss for cautious SHORTS. The daily  chart of the S&P 500 Index above shows the Fibonacci Extension target for Red Wave 3 down.  We should be headed down 'with a purpose' soon.  We have broken the key lower trend line in the S&P  500 and DOW Industrials Indexes.  I am still somewhat skeptical about calling a top due to the fact that the Nasdaq (QQQQ) has not broken any key trend lines yet.  So, a note of caution is warranted. That is all for this update.  I look at the possibility that we may a bit of a continuation rally from Wednesday left in the markets. Shep         238 Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQQ and DIA.

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