BullBear Trading: Stock and Financial Market Technical Analysis

If the Elliott people should turn out to be right, and a wave 'C' is coming, where is resistance?


You can see the big overhead resistance for this rally, and should the market really fall here, there's very little existing below the old March '09 bottom. The largest resistance is just below 4000 on the DOW, and it ain't much....

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Comment by Mark Lytle on September 25, 2009 at 12:24am
Oh yes, I'm not talking about an immediate decline..just noting what the price volume levels say about Elliott final targets if the A-B-C pattern proves correct...
Comment by Steven Vincent on September 24, 2009 at 7:01pm
Good point about the resistance levels on the Dow. However we may have had capitulation volume on the last decline which would have "sold out" all of that historical inventory. We'll see. There should be a process of topping over a period of at least several weeks to a couple of months. A dive straight to the bottom is not likely. Let's see what kind of setup the market presents.

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