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  • DANNY ABARDANNY ABAR
    Participant
    Post count: 74

    Just curious, Sean

    I looked back to the 2001 and 2008 market corrections, and except for the Russel 2000 double top in 2002, the Wave ABC corrections seem to be clear and consistent.

    However in 2020, the DOW Jones Transportations stocks, S&P 500, Nasdaq 100, and the Russell 2000, all seem to be showing a double top or an extended Wave 5, while the Dow Jones Industrial 30 shows a clearer Wave ABC, not quite reaching a double top.

    Is there some some similarity or dissimilarity between the broad markets that would cause the double top or extended Wave 5, in all but the Dow Jones Industrial 30?

    Sean HymanSean Hyman
    Keymaster
    Post count: 3919

    When some indexes went to new highs, it shows that the entire a-b-c downtrend is still ahead.

    The Dow Jones Industrial Average being the weakest, which did not go to new highs and may be in a long wave C downward but the other indexes that went to new highs should have their entire a-b-c downtrend still to go.

    Ever increasing volatility in this toppy period in the market.

    The top chart is how things look today. The bottom chart is a chart I posted recently on the forum. You can see, it’s playing out, true to form.

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    Sean HymanSean Hyman
    Keymaster
    Post count: 3919

    In one of the recent weekly videos, I talked about how today’s NASDAQ (and overall market) looks like the NASDAQ (and overall market) did in 2000. Here’s that chart.

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