ShepWave
ShepWave Critical Updates for Thursday Published. Have the Indexes hit a key mid term top?
by ShepWave.com
Posted: 5/13/2009 21:43 EST
The daily chart of the BPNYA (Bullish Percentage Index for the NYSE) shows that this index has hit a new recent high, even higher than the index was at the all time high of the Dow Industrials Index set in late 2007.
Let's just think about this fact for a miniute. The Dow Industrials Index went from an all time high of 14,198 to a low of 6469 in March earlier this year. That is a 7,729 point move or 54.4%. The Dow has rallied up to a recent high of 8587 (or 32%) from its March lows. So, while only rallying 32% after an over 50% sell off we have a larger percentage of BULLS now than we did at the all time high. In my opinion this should give caution to any long side positions AND could be strengthening the odds that we may have a Completed Wave 2 for the Correction at hand.
Read through tonight's Critical ShepWave Updates at www.shepwave.com for Confirming Trigger Points and Signals as well as initial TARGETS.
Click Here to View the ShepWave Published Report from October 11,2007. When the Dow Industrials Index was still over 14,000.
Click here to read the ShepWave Update from May 26, 2008 The Last week the Dow Industrials Index saw 13,000.
Click here to read the ShepWave Update from August 21, 2008 when the Dow was at the 11,400 area.
Go to www.shepwave.com for Updates. Trend Analysis, Elliott Wave Theory, Fibonacci Retracement and Fibonacci Extension Targets, Trade Triggers and Targets shown. QQQQ Trade Signals.
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Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA.
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