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Stock Market Crash Alert; Wave 3 Down Starting?

"If I am right, you risk losing the rest of your retirement, your career, and likely incurring legal troubles as everyone looks to blame someone else for their loses."
Robin Landry
(see below)

Power Wave 3 down for the stock markets started? Our friend George Ure has an interesting Elliott Wave based financial adviser whom seems to think so (as would Bob "Quite Sure" Market Will Crash" Prechter!):

As you can see, my outlook doesn't have a happy ending unless you own a lot of put options like...well, you don't think I do this totally for fun, do you? But then again, it does synch up with the latest note from Robin Landry ( rlandry@allegiance.tv ) in a note to his colleagues in the investment community:

"Well it looks like the market has finally topped and the decline to new lows has started. While there is a small chance for one more rally to a slight new high over the next few days, the market action today's reduces that chance to less than 20%. (IMHO) The weekly chart I attached to the last Market Update shows the larger degree decline consisting of 5 waves down into the March '09 low to complete wave (1) and a 3 wave (A,B,C) rally to the recent high to complete wave (2). I believe we are now in the early stages of wave (3) to new lows. The first wave 1 of (3 ) down will form 5 smaller degree waves and test the March low, followed by a nice rally where the talking heads will declare it has been a successful test of the low and we are off to a new Bull market. That will be wave 2 of (3).

Once the market turns back down it will be in 3 of (3) and the decline should be worse in terms of Advances vs. Declines, volume, and points lost as the March low is broken and the "point of recognition " is reached. A possible target is around the 2700 area which was the wave (1) high in 1987 before the sharp wave (2) decline, which included the 508 point decline on Black Monday. I will be posting updates with the applicable targets as the decline progresses. I have attached a chart with the short term count which makes me believe the turn has occurred, along with the alternate count, which allows for one last rally to slight new highs as mentioned above. Those of you who ignored my warnings over the last 2 plus years and suffered the decline in wave (1) hopefully will listen this time and take appropriate action. If it turns out my count is wrong, it will be a small price to pay. (missing the first 10% or so of a rally) If I am right, you risk losing the rest of your retirement, your career, and likely incurring legal troubles as everyone looks to blame someone else for their loses.

Source: http://urbansurvival.com/week.htm

To see their chart analysis of the Dow, click here...
George's UrbanSurvival.com DAILY (And I mean daily, as he never misses a week-day; incredible.) report offers sound and seemingly non-bias financial and news perspectives.

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