PMKing Trading LLC
Market Perspective Archive August 16th 2006
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φ A Medium-Term and Long-Term US Market Perspective August 16th 2006

Overview

This market perspective is based on the Elliott Wave Principle and represents a best estimate of the most probable future market direction. For more information regarding Elliott Wave Principle please see our Elliott Wave International site review here.

Legend

Green Line
Trend
(5 waves)
Red Line
Correction
(3 waves)
Green or Red Circle
Possible Wave
Terminus
Green Diamond
Wave Terminus
Red Diamond
Wave Terminus
Green or Red Arrow
Probable Market
Direction

 
Monthly Commentary August 16th 2006
 
The assumption that we were in Wave 3 of a 5 wave down trend, with Wave 2 probably terminating on 7/5/6 at 1271 was invalidated by the close of 1295 on 8/16/6.  This means that our existing short positions are all closed since right now there is approximately equal probability of the market going up to 1325 (a good long entry point) or down to 1266 (a good short entry point).  At this point we are therefore not in any positions and are awaiting the market to show us which way it wants to go.
 
 

Yearly Commentary August 16th 2006

The yearly chart assumptions have not changed and we believe we are in Wave 1 of a 5 wave downtrend with a stop for our short position at 1325.

This market perspective is for your information only.  Please get professional advice before risking money on trading or investing using this information.  Note that the S&P 500 is a theoretical index that cannot be directly traded.
 
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