Can't post the chart, because (a) I don't know how, and (b) the data is on my DOS machine. However, here are the dates, as I see them. SP monthly chart Oct 87, begin 5 wave count. July, 90 = Wave 1 Oct, 90 = Wave 2 Feb 94 = Wave 3 Dec 94 = Wave 4 Mar 00 or Sep 00, = Wave 5 Top If market retraces to "prior 4th of lesser degree", that's 87 low (actually, the retracement could be satisfied by a retracement into the prior 4th's range , not necessarily the low of the 4th)
Nothing new to post, I just want to keep this thread on the Home page so others might see it and respond.
While I don't doubt that DOW 2700 is the title of a chapter in your forthcoming book, "Mein Gloom and Doom", there is a concept that you may not understand that will prevent the DOW from coming anywhere near 2700. It is called "re-indexing" and if the DOW needs to be comprised of 30 oil stocks to keep it afloat, rest assured it will be re-indexed to reflect the winners. That is the "American way"....winning through intimidation....something the Germans tried a couple of times last century and failed at miserably. 777
I bet you're right. To put us all in good spirits, the Gubmint could fill the Dow with HMOs and Tobaccos... could secretly memo all the HMOs to raise their premiums and deny coverage till nobody could afford it, then clone Philip Morris and RJR a few times... The Dow could trade at a single digit PE, the dividend could get up to 20%, and they could say, "look at the market, it's cheap... big upmove from here"... problems solved, no worries!
Very nice thoughts on re-indexing. And particularly the thoughts about Tobacco and HMO's. PG will still be there as will MMM. Defensive stocks. You know, when all else goes bad, people will still smoke, drink, eat, and wash.... probably in that order of necessity.