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Joseph Russo

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The Raging Bulls

Two weeks ago, we shared with readers a perception that equity markets were bullish like no tomorrow. That general assessment has held course thus far. However, intermediate level timing models are suggesting that equity markets may be fast approaching a juncture of pivotal import. If so, many broad market indices will soon elect one of three critical paths in the days and weeks ahead. Our continued diligence in monitoring minor degree trends, together with intra-day price structures; enables us to anticipate which of these critical paths each market is in the process of adopting.


Despite such imminent prospects, the recent buying-panic in select indices may well persist for much longer than one might assume. Once the surge abates, rather than a sharp decline, Act-II may bring with it a sideways levitation, serving to work off extreme overbought conditions, and perhaps introduce prospects for a summer consolidation. In either case, it is advisable that one stay tuned for the new fall season.

From ELLIOTT WAVE TECHNOLOGY'S
NEAR TERM OUTLOOK for the week ending May 18, 2007

From ELLIOTT WAVE TECHNOLOGY'S
NEAR TERM OUTLOOK for the week ending May 18, 2007





 

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