Dow Jones reversing?

Did DJI hit the bottom?
It's on my target from previous post 6840<>6550<>6040, low @ 6469.95 (source Google Finance) and developing a structure that could indicate a very possible reversal i.e. formed bottom and beginning of a new uptrend cycle.

ID



NOTICE: This are not Trade recommendations or advices and I don't accept any responsibility what soever.

End of THE Recession?

Hi there, I wrote this to a friend of mine a week ago and it's something I had in mind for some time. I took a look at the Dow and I searched to find a chart of adjusted Dow for it's real value (represented in Gold) but I found just this chart of inflation adjusted DJ which is probably very similar picture. As you can see, while the DJIA (blue line) made new high at the beginning of 2007 the adjusted Dow (red line) never made it so high. Based on the adjusted DJIA chart, it is quite possible that we are living the last leg of the larger correction that started 2000. :) Just to cheer you up. There are some other indications supporting this view. IMHO we need to wait for just a few months more to see the developing. On my charts from few days ago, you'll see I forecast DJI to go up to 10,200 (it's not actually shown but it can be seen based on the fib ext tool points...) before it dips possibly to end this correction down to 6840<>6550<>6040.

If this is correct EW (Elliott Wave) count than we can expect developing of a new UP trend very soon... :)

Few months ago I said I expect Dow Jones US Home Construction Index to end it's fall, and it now shows some indication of a possible reversal. This supports previously said, but it will take time to be confirmed. (.DJUSHB on Google Finance you can see a possible IM - Impulsive wave 1 up finished....) I was doing some analysis on few Forex pairs, but still far from being in shape. I mainly look for short term moves, still trying to grasp the bigger picture. (still considering few options for my future posts