(click at the picture for big size.)

DJIA index rebound to 38.2% but can't pass this level. This ponit is 2 of wave C.

if DJIA index can't pass at 38.2% maybe move down to low than 1,000 point.

HSKI index of Hongkong same as DJIA. After rebound from the picture it maybe move down to 18,000 or 13,000 point or worst case stop at 4,500.

SET index of Thailand can reboud to about 61.8% after that maybe move down to low than 600 or worst case is about 480.

When set index move to 620 or 450.

Can stop at 650 point of set index bearish?

When value of blue chip stock in the thai market redude more 20-30% .

Now thai set index is very low. Price of some stock lower than book value in fact. Set can rebound in the all time. Short term can rebound but long term still bearish market so that you can select trade at high divident stcok such bank or change to Gold, AFET market.

Future market will be have usefull in this time. You can short future for bearish market which help reduce loss money from bearish market or in case you don't want to sell stock because you buy at high price. Do you know stop loss?

Set thai on 18/07/2008. I think that set can rebound to 695 and 710 which will be finished wave 4 at this here.

When USA have to face with recession not inflation in the right now. DJIA move to 8,600.

Fannie Mae ( FNM ). maket value reduce 90% from 89.38 to 9.16 => Dollar is bad.

Freddie Mac (FRE). Market value reduce 92% from 89.38 to 6.00 => Dollar is bad.

The damage expand to major industrial of america distinctly. Ford Motors index reduce 88% from 38.63 to 4.66 and can't find final wave (5) of Wave [C] => Dollar is bad.

General Motors index reduce 79% from 88.12 to 9.60 and can't find final Wave [C]. => Dollar is bad.

In dex of Triad Guaranty Ice. which is big company concern home insurrnace of america reduceง 99% from 60.93 to 0.641 => Dollar is bad.

US Dollar Index start at 100 point but now it's 72.345 (value of US Dollar is reducing ).

From the picture you can see bearish in DJIA index of USA. The directional will finish wabe C about 8,600-8,700. Now index still wave B to C which zigzag down 5 small wave to C. Which effect from sup prime.

KEY MARKET RELATIONSHIPS
These then are the primary intermarket relationships we'll be working on. We'll beginin the commodity sector and work our way outward into the three other financialsectors. We'll then extend our horizon to include international markets. The key relationships are:
1. Action within commodity groups, such as the relationship of gold to platinum or crude to heating oil.
2. Action between related commodity groups, such as that between the precious metals and energy markets.
3. The relationship between the CRB Index and the various commodity groups and markets.
4. The inverse relationship between commodities and bonds.
5. The positive relationship between bonds and the stock market.
6. The inverse relationship between the U.S. dollar and the various commodity markets, in particular the gold market.
7. The relationship between various futures markets and related stock market groups, for example, gold versus gold mining shares.
8. U.S. bonds and stocks versus overseas bond and stock markets.

A LOOK AT THE FOUR MARKET SECTORS-CURRENCIES, COMMODITIES, BONDS, AND STOCKS—IN 1989. FROM THE SPRING TO THE AUTUMN OF 1989, A FIRM U.S. DOLLAR HAD A BEARISH INFLUENCE ON COMMODITIES. WEAK COMMODITY PRICES COINCIDED WITH A RISING BOND MARKET, WHICH IN TURN HAD A BULLISH INFLUENCE ON THE STOCK MARKET.

Dollar index Stock

CRB index Bonds
You'll also see that very often stock market moves are the end result of a rippleeffect that flows through the other three sectors—a phenomenon that carries importantimplications in the area of program trading.

BASIC PREMISES OF INTERMARKET WORK
Before we begin to study the individual relationships, I'd like to lay down some basicpremises or guidelines. This should provide a useful framework and, at the same time, help point out the direction we'll be going.Then I'll briefly outline the specific relationships we'll be focusing on. There are an infinite number of relationships that exist between markets, Then, are our basic guidelines:
1. All markets are interrelated; markets don't move in isolation.
2. Intermarket work provides important background data.
3. Intermarket work uses external, as opposed to internal, data.
4. Technical analysis is the preferred vehicle.
5. Heavy emphasis is placed on the futures markets.
6. Futures-oriented technical indicators are employed.

These premises form the basis for intermarket analysis. If it can be shown that all
markets—financial and nonfinancial.

Technical Analysis

A COMPARISON Of THE WORLD'S THREE LARGEST EQUITY MARKETS: THE UNITED STATES,
JAPAN, HONGHONG AND BRITAIN. GLOBAL MARKETS COLLAPSED TOGETHER IN 1987. THE GLOBAL STOCK MARKET RECOVERY THAT LASTED THROUGH THE END OF 1989 WAS LED BYTHE JAPANESE MARKET.
World Equity Trend
ALL MARKETS ARE RELATED
What this means for traders and investors is that it is no longer possible to study any financial market, whether it's the U.S. stock market or gold futures. Stock traders have to watch the bond market. Bond traders have to watch the commodity markets. And everyone has to watch the U.S. dollar. Then there's the Japanese stock market to consider. So who needs intermarket analysis? it stands to reason that anyone interested in any of the financial markets should benefit in some way from knowledge of how world market relationships work.

IMPLICATIONS FOR TECHNICAL ANALYSIS
Technical analysis has always had an inward focus. Emphasis was placed on a particular market to which a host of internal technical indicators were applied. There was a time when stock traders didn't watch bond prices too closely, when bond traders didn't pay too much attention to commodities. Study of the dollar was left to interbank traders and multinational corporations. Overseas markets were something we knew existed, but didn't care too much about.

It was enough for the technical analyst to study only the market in question. To consider outside influences seemed like heresy. To look at what the other markets were doing smacked of fundamental or economic analysis. All of that is now changing. Intermarket analysis is a step in another direction. It uses information in related markets in much the same way that traditional technical indicators have been employed. Stock technicians talk about the divergence between bonds and stocks in much the same way that they used to talk about divergence between stocks and the advance/decline line.

Markets provide us with an enormous amount of information. Bonds tell us which way interest rates are heading, a trend that influences stock prices. Commodity prices tell us which way inflation is headed, which influences bond prices and interest rates. The U.S. dollar largely determines the inflationary environment and influences which way commodities trend. Overseas equity markets often provide valuable clues to the type of environment the U.S. market is a part of. The job of the technical trader is to sniff out clues wherever they may lie. If they lie in another market, so be it. As long as price movements can be studied on price charts, and as long as it can be demonstrated that they have an impact on one another, why not take whatever useful information the markets are offering us? Technical analysis is the study of market action. No one ever said that we had to limit that study to only the market or markets we're trading.