Last Aug 22,2011. We posted a 2 type scenario on the possible finding bottom of the Major Wave A correction of this Bear market. We forecasted that very soon, a possible short term bottom could happen, either a new low below 10700, or a failed formation of the 5th wave down of Major Wave A, with price target and Chart behavior indicated on the 1st attachment below. (this was 1.5months back then).
I hope everybody packed in equities for a roller coaster rally since the 10700 BUY target. I actually BOUGHT on that level, and got scared the day after when it had a "FALSE breakdown" having -300 pts on DOW after the 930am NYSE Opening Bell.
And comparing our Forecast 1.5months ago vs Current price. It exactly looks the same!!! We topnotched our forecast values and behavior of charts for the bottom buying. Charts are really Amazing. That's my real reason for naming my blog site. "TheAmazingChart".
I Managed to enter the 10700 level, and its already 7% net gain. There could be minor correction for oversold daily RSI, and is bracing for a net gain until 1-1.5months. On this usual Primary Wave B rally, no one can estimate the exact values, as sometimes, Bad news lessen the projection rally. I still set my target selling point of 11500-12000. I guess it will be hard to be back on the 12k level. Though thats a remarkable SELLING point with an estimate of 12% Net gain.
Overall, on elliot wave counting, it suggest we are really in a Bear Market, after the Primary Wave B rally. A projected Primary Wave C will have a minimum target of 9000. And 6500 if double dip happens. (70% chance to happen 9000 level,30% for a double dip).
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