Sunday, 21 February 2010

Lots of Fifth Wave patterns on the most loved stocks

The following chart appears at Daneric's Elliott Waves excellent website which is one of my favorite sites for insights on Elliott Wave analysis.

The comments that he makes regarding the chart for Bidu show a skillful combination of many technical indicators and using them to justify his particular interpretation of the wave count.

BIDU's weekly shows that, like Apple, Amazon, IBM, etc and a lot of other tech stocks that have enjoyed all time highs these past few months, the long-term charts betray the moves as likely 5th-wave type moves. The last of the asset mania craze is borne out in a select few stocks. Crowding and herding behavior yet again.

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