Market Technical Chart Analysis for February 27, 2009 by Idan Koren

Today we stepped back, and looked at how the bears managed to break the novemeber lows, and are now aiming lower for what could be a potential capitulation bottom (crash). We step back, and look at many signs that tell us that the next short term bottom could be somewhere between 60-65$, and that the true bottom will either be in the 50-55 $ range or could go as low as the 40-43$ range. A lot of signs indicate that we have broken down, as the volume spiked up today. We look at the VIX in order to understand where we're headed, and where we would see a good equity buying opportunity. Unless this market is saved by the government this weekend, it looks like we'll gap down pretty quickly and potentially bottom in late march, early april at levels that even most bears could never have believed possible. We look also at elliot wave, and look at ratios of waves to predict a possible end for subwave3 of wave 5.

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[zozo71zozo71]

yes 'its look going down, but dont forget it also could get up :))  lol

very nice analysis