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Special Elliott Wave Bulletin  (SEWB)

For July 28, 2009

Hello!

While not exactly crashing down as expected from 9090, DJIA has been labouring ahead slowly. From a toal of nine waves, it has unfolded 12 waves so far and unless the corrective sideways continues for a while, we should see a thirteenth wave soon. Over the last two days it appears to be unfolding a Contracting Triangle (see next chart) which points to one more rally ahead. While the theoretical possibility appears to be a 80-100 point rally, I have been surprised more often than not in the past, where DJIA has either exceeded the target or fallen off the cliff with a very short stubby wave 5. This last 5 should be the end of the ZZ in a larger degree DZ and lead to a sudden reveral in the markets.

For today July 28, 2009, expect the markets to continue sideways movement for a while before rallying up again for a last gasp effort. The subsequent pattern unfolding should show us where the markets are heading in the short term.

Chart showing my long-term count of the Dow.

NOTE: We are very very close to calling a new bull markets if DJIA rallies over 9320, a remote possiblity, but an open alternate.

ANANTH J ACHARYA 

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