Friday, June 19, 2009

Prechter: Another Wave Lower Coming -Elliot Wave

Robert Prechter of the Elliot Wave International was interviewed on Bloomberg. Something to look out for.
"On a short term basis I think after 3 months coming into the 11th of June we might have ended the first wave up so we may be in for some correction for a while and if everything goes ideally, which it doesn't always do, we would have a second leg up in the summer and that would probably complete things." (By "complete things" he means complete the counter trend rally).



Here's an Elliot Wave projection of the S&P 500 at AfraidtoTrade.




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