I know a lot of people ask me to shun (shuuuun……..shuuuuuun the non-believer!) Elliott Wave, but I remain intrigued. I currently read two items daily in this field – – one is Elliott Wave Lives On (thanks, Tony!) and the other is the fee-based service Elliott Wave International.
Tony's site is open to the possibility that we've made our lows for the year last month, and we're going to charge higher through sometime in 2009. At that point, he conjectures, we're in for the bear market to resume in earnest. To be clear, he cites this as an "alternate" point of view, and his preferred view is that we're going to end this counter-trend rally Real Soon Now and get back to the fun.
The more ursine Elliott Wave International is more committed to this latter view; although it doesn't definitively say that the counter-trend is over. But if it isn't, they think it's very, very close. I have to respect both possibilities, although obviously, if anyone is taking votes, I'll cast mine for the second scenario!
Here are a couple of interesting charts. One is AMGN, which I think is awfully close to turning downward again.
The other is RIG, which has a couple of things going for it. One, it has broken a major trendline; two, it is actually soft on a day that is otherwise pretty strong for energy. That bodes well.
