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Bear Market Bottom — Elliott Wave and Fibonacci

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rbbrain View Drop Down
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Joined: 22 Jul 2006
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Post Options Post Options   Quote rbbrain Quote  Post ReplyReply Direct Link To This Post Topic: Bear Market Bottom — Elliott Wave and Fibonacci
    Posted: 29 Nov 2008 at 10:33am

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.

CAUTION: Any information on this forum is general in nature. Nothing that you read here can be construed as financial advice. Any information here is just for discussion and education. Your own personal financial situation has not been considered. THIS FORUM DOES NOT CONTAIN INVESTMENT ADVICE!!

Robert Brain (Brainy)
Convenor - Australian BullCharts User Group
Brainy's Share Market Toolbox and BullCharts Tips
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rbbrain View Drop Down
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Joined: 22 Jul 2006
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Posts: 169
Post Options Post Options   Quote rbbrain Quote  Post ReplyReply Direct Link To This Post Posted: 02 May 2020 at 10:02am
With a severe bear market in place in 2020, due to the global coronavirus pandemic, bear market bottom hunting will be the discussion topic in the May 2020 User Group meeting/webinar. Any early thoughts on the topic related to Elliott Wave analysis or Fibonacci studies can be posted in the user forum here.
Robert Brain (Brainy)
Convenor - Australian BullCharts User Group
Brainy's Share Market Toolbox and BullCharts Tips
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