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techcharter

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techcharter

Re: None

Tuesday, 12/01/2009 10:09:25 PM

Tuesday, December 01, 2009 10:09:25 PM

Post# of 51804
HYG E-Waves

I usually don't follow the HYG, high yield corporate bond fund. This evening I read "Leading Indicators to Credit Contraction, Round 2" by Gary Tanashian and the corrective Elliot wave pattern jumped right off the page.

Wave A: From November '08 low to January '09 high - Zigzag
Wave B: From January '09 high to March '09 low - Zigzag
Wave C: From March '09 low to present - a very complex Zigzag

Within the zag of Wave C the pattern has generated many overlaps bounded by converging trendlines. This strongly supports the count of ending diagonal and major trend reversal is near.

Keep an eye on this one because it will move quickly and retest the lows within 6 months.

http://stockcharts.com/h-sc/ui?s=HYG&p=D&yr=1&mn=2&dy=0&id=p65800186582
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