I first introduced this chart last Wednesday, the night that the Detroit Red Wings walloped the San Jose Sharks 4-1 at Joe Louis Arena in Detroit. It is a chart of the DJIA with channels representing the big trend (Down) and a then sideways trend that looked like a wave 4. Here is the chart, updated with today's prices:
My point is that waiting for that ascending wave 4 channel to be broken in the direction of the longer downward channel left plenty of DJIA points left to pocket.
Onto some cool charts from today's action in the S&P. First up is a 30-minute chart in both Elliott Wave and Trend Bias formats. Both are saying that there is more to go on the downside.
Next is the Weekly chart that has anchored my bearish outlook from all the way back to September, 2008. Also included is a screen shot of the Trend-Bias chart that forms the basis of the Simple Weekly Trading System I posted on Sunday:
Finally a word about NNVC. Big news today, much bigger then reflected in the modest appreciation in share price today. When this big bad bear market began in July, 2007, NNVC was trading at about $0.80. Today it closed at $0.77. That is a loss of 3.75%. During the same time period, the S&P, DJIA and Nasdaq all have dropped about 50%. While this stock, still my Number 1 stock pick for 2009, has yet to make us all rich, it has been a heck of a better investment then just about any stock on the three major exchanges. Not a bad performance while waiting for the volcano of recognition to erupt.