Roubos no retalho alemão batem recordes. Perdas rondam os cinco mil milhões

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Short Term Forecast - The 2003 stock market rally is approaching a top in a classic Elliott Wave pattern. This pattern is an ending diagonal pattern which has been evident for months in the DOW and is nearing completion. The chart below illustrates the Elliott wave count and the ending diagonal pattern.
This pattern could complete within the first 2 weeks of November with a good possibility by Nov 7th. With the corrective nature of ending diagonals, there is a possibility that we could see a minor pullback towards the lower trend line before the final move up, but notice that the action is range bound within the trend lines and is running out of space before a breach occurs. A move above the top trend line would indicate a possible throw over in the final thrust for the top, while a move below the lower trend line would be bearish for the continuation of the pattern. There are many other indices and stocks that are in a ending diagonal pattern as well. eg: DOW, Nasdaq, IBM etc...

After the top is attained the S&P 500 should decline rapidly to the area that the ending diagonal pattern started, which is the 962 area. The wave count and direction from this juncture is also very clear in our long term forecast.


By Dan Stinson