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Special Elliott Wave Bulletin  (SEWB)

For July 22, 2009

 It appears a lot has happened in this 15 days. My earlier assumption of Dow moving lower has been negated and the market is presenting some challenging counts.

The DJIA is unfolding in a Double ZigZag from the low of 6469 of March 6, 2009. Since then it has been throwing me off track time and again. he Ending Diagonal in Wave 'C' of the first ZZ the CT as wave 'X' of the DZ  (See attached Hourly chart) has only been complicating the structure and preventing a clean read of the charts. The standard assumption of simple counts is being brushed aside again and again.

The last IM makign the 'C' wave of ZZ, which forms Wave 'Y of the DZ apears to be neqaring completion. Till this DZ is complete expect the DJIA to be in an uptrend. The IM unfolding presently has six legs to it, and it should in
all probability unfold three more wave before it ends to bring the wave count to a total of Nine.

Theoritcally, this uptrend should now meet its nemesis anywhere between 9045-9196 range, which also happens to be the in the vicinity of wave 4 top f 9088 reached on January 6, 2009.

The present DZ unfolding in such a complex and protracted rally only points to a swift and speedy reversal of this entire rally when it ends. Should here be any change in the counts or any change in view. I shall endeavour
to bring it to you as soon as it presents.

TRADE WELL TRADE WISELY

Gold it appears to have unfolded a 5 wave IM from the bottom of 680$ set on October 24, 2008. The IM here and some proprietory pattern analysis points or Gold to rally into the 1200-1250$ range before it meets its downturn.

At this stage however, though it is clear that Gold will rally to 1200$ range, it is not very clear if it will unfold a CT as wave B of the ZZ or ally off from this point. My preference would be for a CT to unfold, but markets definitely do not unfold on individual preferences.

I will update the count more clearly as it unfold over the next 2-3 weeks.

ANANTH J ACHARYA
 

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