Are we in the 5th Elliot wave of Bear Market?

Today I had a listing appointment in the morning (I didn’t have a chance yet to mention my “day time” job – Real Estate. Please visit www.FoothillsInsider.com for more info).

By the time I got back home the stock market was closed. Nevertheless, I wasn’t disappointed – DJIA fell 134.5 points and my long position in DOG (Short Dow30 Proshares ETF) became profitable again. PHM, however re-bounced from intraday low of $11.61 to close at $12.19. I am placing an order to buy back the rest of the shares, as this builder might form a temporary bottom formation and give me a chance to short it again a few dollars higher.

The next few days will be very interesting from the technical aspect of analysis. If market continues to slide, it might form that missing 5th wave of Elliot pattern:

DOG – Short Dow30 Proshares ETF.

PHM – Pulte Homes Inc.