Bear Market Bottom — Elliott Wave and Fibonacci

Followers of Elliott Wave have not been surprised at the ferociousness of this bear market, and the speed with which the market plunges. We are in a “corrective wave”. The Elliott Wave technician can do the wave count and determine which particular wave they think we are in, and then estimate how much further we have to go.

Using Fibonacci retracements, you might be looking for a 50% retracement from the peak last October.

Now, 50% of what? Consider the following on the XAO (All ords):

• On a Weekly chart:

  • based on the Highest Close of 6570 (8-12 Oct 2007), half way down is 3285; or

  • based on the Highest High of 6726 (29 Oct — 2 Nov 2007), half way down is 3363.

• On a Daily chart:

  • based on the Highest Close of 6853 (1 Nov 2007), half way down is 3426; or

  • based on the Highest High of 6873 (1 Nov 2007), half way down is 3436.

Or you might look for a turning point on a Fibonacci number.

Question: What is your eventual target price where we might see the bear market bottom?

If you have different ideas about a bear market bottom, then please post it in another Topic, or if you can't find one, create a New Topic like this one.

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