ID:
Nikkei is not in a bullmarket whatsoever -- the BEAR is alive and well, albeit in hibernation!
After the breakdown from the Primary wave B (B O) triangle in 1997 the entire move thereafter is Primary wave C (C O).
Allow me to explain and I apologize for my brashness & intransigence as a student. :) :)
Nikkei cannot be in a 5-waver for the simple reason that the entire run from March 2003 has to be labeled as an ABC due to the previously missed, yet unmistakeable converging triange at the end of the first stage of the rally from March 2003 -- see my weekly re-counted wave labels.
The triangle is almost perfect and since it cannot occur in a wave 2 position, that first leg of the rally from March 2003 MUST therefore be wave A.
Then, to continue, please observe how beautifully wave B can be drawn.
Then, finally notice how, after price broke-out of the wave B triangle and moved into wave C, the character inherent in wave C caused a sheer vertical climb, the awesome power relinquished also happened to coincide with the previous 2004 top being taken out.
All in all, I've had to revise my entire count by calling the entire runup from March 2003 an Intermediate Wave (2). Wave (3) down comes next and I therefore state that the BEAR market of the Nikkei is going to once again shock all Media as it is set to continue.
My gut instinct had always been that the so-called bullrun the Media was claiming from the 2003 bottom was corrective in nature, but I just could not prove it. Maybe my eyesight has changed or perhaps the Ego was napping and a vital message came thru', hehehehe ....
Oh, also note how nicely the 78.6% level of the entire 1900-1989 run halted Nikkei's drop, but it was whacked pretty good.
No comments:
Post a Comment