There is much consensus in the market that the March low was the end of Wave 5, 5 Waves down from the top. This count is much stronger as Wave 1 and Wave 3 both have a clear 5 wave pattern and Wave 2 and 4 have a 3 Wave pattern.
The current rally is wave 4 and has not come close to Wave 1. When Wave 3 is viscious as we all know it was, it is common for Wave 5's to fail to make new lows.
Given that the world is no longer ending and the economy is flat lining and all the banks arent going to go bankrupt as many thought at the low, this forecast of a failed (truncated) wave 5 is very likely.
March Low was Wave 3 Down Not Wave 5 Down
Started by
crew123
, Aug 18 2009 11:52 AM
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