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Special Elliott Wave Bulletin  (SEWB)

For July 24, 2009

As expected, the DJIA unfolded a swift and steep rally to mark 9100 on the charts as indicated. The rally had all the characterestics of a blowoff. As expected in the last minutes of trade there was a strong sell off to mark the beginning of the next wave down.

The count at this stage is pointing to a DZ pattern ending at 9090 which should see a very sharp fall in the markets. The DJIA should not rally above 9097 else we will need to revist the count again. If my count is correct, then the DJIA is heading to test the lows of 8100 and then 6470. We shall look at the counts as the markets unfold.

For Friday expect the DOW to record lower levels and move down in a shap pattern.

ANANTH J ACHARYA 

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