[Elliot Wave] Where is the DOW Headed?

[Bfbusa]

Hello friends and fellow traders,

I am just starting to study Elliott Wave Theory and so sounds interesting. I got this chart in my e-mail a while ago and I like to know what others think. You may have seen the same chart. It is portending that the DOW ( probably the S&P too ) have another wave up to new all time highs.

I like to hear what experienced Elliott Wave trades ( non-Elliott wave traders are also welcome to respond ) think of this. I look at the chart and all I see is a left shoulder a head of a developing head and shoulder pattern.

If someone already discussed this in another thread, Please post a link , thanks.

[atto]

I used to do a good amount of Elliot Wave analysis, but it's been a while.

Those counts look like they were made in early 2008, and I believe price action has pretty much invalidated those. My counts have the 5th wave ending in October 2007, with the first major corrective wave unfinished. We've retraced a good part of Wave 5 already (over 61.8%). If Wave 5 is indeed over, we most likely have a complicated, drawn out corrective path in front of us.

I'm looking out for a 1190 target for this down wave, which coincides with several other levels.

This is a fun chart. It's the Dow in Euros.


(Full disclosure: I don't trade off Elliot Wave, but it's fun to think about. I have the most repect for this guy out of any of the big Elliot traders)

[ammo]

atto,thanks for the link