S&P500: Obama Bear Market started
Source: http://www.g2trader.com/index.php?option=com_content&view=article&id=42:sap500-obama-bear-market-started&catid=1:elliott-wave-theory&Itemid=6Posted on Saturday, November 8th, 2008 | In Market Commentary
The 5th of November setup date worked greatly: on 4th of November S&P500 stopped its rally at 1005 points and strated to go down, probably making the first wave (labeled with “i”) of the final fifth wave of wave (3) (please see chart, it is more clear than words …).
Probably during next week we will see a sideways movement between 900 and 950 at maximum. Eventually, above 1005 next target is between 1020 and 1050, no more.
Next setup dates are 18th of November, 27th of November and the period 8-18th of December. During those date we could see some changes in trend. Particularly, the period 8-18th of December could intercept an important bottom of the market.
Remember that the final targets of this Bear market are the area 850-800 (wave 5 equal to wave 1) and, probably, 670 (wave (3) equal to 2,618 times wave (1)).
H.F.L.
Last 5 posts by Graziano Nanetti
- SP/MIB: go down, nice and slow ... - February 17th, 2009
- SP/MIB: the nightmare will go on - January 24th, 2009
- SP/MIB: where do we go - hypo 2 - December 20th, 2008
- SP/MIB and Bradley Siderograph: did it work this year? - December 14th, 2008
- SP500: bull trapped? - December 6th, 2008
Graziano Nanetti is an independent analyst and has years of experience in technical analysis for stocks and indexes. G Squared is born from an idea of Graziano Luciano and Graziano Nanetti, founders of G Squared.
Previously, Graziano Nanetti was the author of the financial blog RNE Trading. His blog expanded to include more detailed contents about markets and to publish the great material he received from Graziano Luciano.
Now, G Squared is aimed at pubblishing open minded financial articles about few major indexes (S&P500, S&P/MIB, Nasdaq100) belonging to financial international markets.
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.