Can you explain this to a non-elliot wave guy? are you saying the 62% down is still coming from this point? or from some previous high and if so what high and what will the low point be of this move? thanks.
If you pull up a weekly of the Dow and draw a retrace from the 07 high 14208 to the 09 low of 6418 you will notice that it retraced back up to 61.8% or 11232. It broke right through the 50% retrace (10309) whick means to watch the 61.8 closely for rejection. It could not have been a more precise rejection. I would anticipate a staggered retracement from the 62 down from here with a target at the 76.4% retrace (7558)or 88% (6997) if it blows through that and the double bottom we’re screwed.