The recent selloff/correction in Europe/US, could lead to a small Xmas Rally. Add up the window dressing and the most linient selloff month, which is December, I have an estimate that, at best, DOW will close 12000-12400 by yearend. At worst 11k. Santa's gift to everyone is NOT to visit 10k-ish for DOW anytime this 2011.
Elliot Wave Analysis suggests that we are currently on the Mini Wave b to Mini Wave c to finish the Primary Bear Market B rally.
In addition, the Mini Wave b to Mini Wave c rally is still in good shape, and our tentative target time to finish Mini Wave c rally, has passed the 0.7 timeframe target which is on the Dec12th. The current pullback on EUR and US behavior is exactly what we are expecting.
Mini Wave c rally composed of 3 waves , we expect almost the same formation as the mini wave a rally last November.
I believe Santa would be nice to Europe and to the world, and mayhem/selloff may be dalayed toas early as Jan 1st week 2012.
.7 = 21 days = Dec 12th (removed)
1.0 = 30 days = Dec 30th
1.618 = 40-45days = Jan 15th 2012
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