US-Kollege Hochberg zu S&P

verfasst von Valueinvestor, 16.07.2002, 17:34

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Do the Wave: Devotes of Fibonacci wave theory noted that at today's low of 876.46, the S&P 500 produced a 50% retracement of the gains registered from its October 1987 low of 216 to its March 2000 high of 1534. (Here's the math: 1534-216= 1318; 50% of which is 659. Subtract 659 from 1534 equals 875.) Fibonacci retracements (named after a medieval Italian mathematician) describe the tendency of trend patterns in stocks (among other things) to reverse paths after they cross certain charted points.

That retracement, in conjunction with today's reversal, might suggest the third wave of the market's five-wave decline from its March highs has ended, suggested Steve Hochberg, co-editor of the Elliot Wave Financial Forecast in Atlanta. Regular readers will recall that Hochberg dismissed any"bottom" talk back on June 18, citing that third wave which he called the longest and strongest of the five.

"I do think we're ending that third wave now," he said today, suggesting there might be a little more downside but that today could produce a number of"selling climaxes." These occur when a stock or average hits a 52-week low but closes higher on a weekly basis. Of course, that presumes more gains for the rest of the week, but the Nasdaq's relative outperformance is"signaling we're coming into some sort of low," he said."Things are dropping into place."
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gesamter Thread:

• DOW mit Impuls - uluwatu, 16.07.2002, 17:08
  • Re: DOW mit Impuls - ---- ELLI ----, 16.07.2002, 17:12
    • Re: DOW mit Impuls - daxput, 16.07.2002, 17:20
      • Re: DOW mit Impuls - ---- ELLI ----, 16.07.2002, 17:26
  • US-Kollege Hochberg zu S&amp;P - Valueinvestor, 16.07.2002, 17:34
  • kein Schub dahinter - uluwatu, 16.07.2002, 18:07
  • Die Linie 0-2 ist durchbrochen - KEIN 3er nach oben mehr möglich,,,, - Wolfgang, 16.07.2002, 19:28