HOPE FLOATS: FEAR STILL DISTANT
by Joseph Russo
ElliottWaveTechnology.com
September 10, 2007

Anchors Away:

The financial sphere along with the ruling army of entrenched corporate and political elites, deeply committed and harboring inordinate interest in perpetuating an unsustainable war/debt-based prosperity paradigm - are keeping their fingers tightly-crossed that �hope� and illusion, along with a likely forthcoming tsunami of ponzi-rigged bailout schemes will float the right number of boats - rather than sink the good-ship Lollie-Pop. It is in all of our best interest that all such hope truly �float,� unlike the sinking anchor and shackle effects of fiat currency.

Ruling Elites:

A multi-generational mutation - spawning oblivious visionary-wizards of social decay, have been slowly digging their own graves for more than one-hundred years now. When the last of them finally finish the job, may those with genuinely good intent R.I.P, and those without R.I.H.

A long, long way to go - in getting to �UNCLE�

Delusion and denial will likely reign supreme for a period. Until fear grips societies at the undeniable and clear visible hand of widespread economic pain, business shall continue virtually unabated, in its usual arcane manner.

Fully intent on staying one-step ahead of the markets:

Absent the noise, predictions, table pounding, speculation, headlines, and government reports, we continue to read price-charts with inordinate impartiality as if they were yesterday's news.

We are the Men in Black:

High volatility, low volatility, fresh historic highs, corrections, bull-markets, bear-markets, spikes, 3rd-waves, 5th-waves, 4th-waves, V-bottoms, double tops, turn-dates, super-cycles � whatever� Nothing gets past our radar � NOTHING.

A Dividend Paying Gift to Readers from Last Weeks Article:

Last week was unique in that we do not typically post actual price charts that appear in our short-term trading publications. Below is outcome to a chart, originally presented for public consumption in our Wilshire Revisited article published last week, on September 4:

NTO Traders Booking-Profits every which way from Sunday:

Those navigating in and out of broad market indices seeking short-term speculative profits continue to �make-bank� solely adhering to the evolution of price-action as implicitly conveyed through our unwavering branded art of technical analysis.

Last week�s short-term trade and profit outcomes:

The following illustration exemplifies effects of our routine practice in identifying clear trade set-ups, and consistent achievement of price-targets, through Elliott Wave Technology�s Near Term Outlook.

For active traders of all time-horizons, there is no better edge for navigating broad market indices than the Near Term Outlook.

The Week in Review:
The NASDAQ 100

The NDX:

Stinging like a bee in August - will �hope-float� the NDX back to a new high above 2060?

After three-weeks of unsustainable non-stop rally off the V-bottom low in August, the NDX must now stand-and-deliver into the heart of the �fall� season.

As we ponder such question, let us see how the balance of broad market indices� are floating into the month of September:

Re-testing multi-year lows, The Dollar remains under pressure and has a ways to go before reaching its lower trend channel boundary of support.

Though lagging the NDX in terms of snap-back percentages only, The Dow also maintains a level of �float-status� off the V-bottom low in August.

Gold has spoken � implying imminent anticipation toward a glut of global bailout schemes that will further erode purchasing power of the world's fiat currency�s.

Though its trajectory channel is virtually flat in comparison to the Dow, The S&P is in �float-mode� just the same.

Should readers have interest in obtaining access to Elliott Wave Technology�s blog-page, kindly forward the author your e-mail address for private invitation.

Until next time �

© 2007 Joseph Russo
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Contact Information
Joseph Russo
Chief Editor & Technical Analyst
Elliott Wave Technology
Mission Viejo, CA USA
www.elliottwavetechnology.com | Email Author