I looked into Elliot wave - sounds good in theory - not in reality - alternative counts, where to begin to count, etc.
We might be in an oversold area now but not ready for a protracted upturn. New fears are coming into the market that have been pushed aside recently:
-effect of credit crunch - fear of slowdown
-fear of consumers not spending during the holidays
-effect of credit crunch on world markets
- politicians and news media hyping the negative.
This and other things will need to flow through the markets.
On the positive side
- November - election over
- Bail out money begins to flow into the market
This is a good time to buy - if you have the stomach.
If we go sideways from here - that would be great.