Elliott Wave Analysis of a Leading Stock Index
Over the last two years, absent of any long-term trends, the major US stock market indices have left technical analysts using trend-based tools dazed and confused. Pulling back to the longer term picture, and using Elliott Wave analysis provides some basis for recent market behavior, and more importantly, valuable insight into its possible future. The 3 wave advance of stock prices suggested in the Elliott Wave principle is also part of the rule books of a wide range of technical analysis methods from Dow Theory to the current successful guru, Investors Business Daily. (Stocks down. Gold up!)