Wednesday, July 22, 2009

Alternate Elliott Wave Count

Below is an alternate wave count raised by Milamberz of CNA Market Talk forum.

The chart looks very good, and it shows that we are in high danger of a big correction now.
Be it this count or the preferred count, we are approaching the end of this mega rally.

Will try to adapt this count to STI and post it tonight.

Also, the mentioned "expanded flat" has to be changed to an elongated flat as pointed out by 4dots in CNA Market Talk forum as well. This is because the C wave has over-extend the A wave by more than 1.618 times.

Typically, in an elongated wave, the C wave will extend at most 2.618 times that of wave A.

In short, be very careful and fearful of buying at this moment.

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