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[AnderL]

one of the reasons I hate Elliot waves. Any rules engine you design should be simple. If you have to write exception after exception eventually all the little exceptions override the basic engine and in the end you stop following the basic rules.

looks like we are running into to XMAS. I think S&P will try to make it to 1000 grinding up for the next 3 weeks. Then sell back to mid 800s and start building a IH&S. not sure if it will be able to make it because financials are going to report audited annuals in the first quarter of 09. They will be ugly but people will buy it on the expectation that the next few quarters are unaudited and will be designed to not look so bad. Markets are looking forward and next year might not be so bad.

I still think we hit a major low next year.