Re: Eat thy words : Mark Mobius & Abbey Cohen

[Daniel Martinez <DanM@xxxxxxxxxx>]

Rajesh,
do you think you could post an hourly MS chart with your commentary and ABC
lines?

Thanks,
Daniel.


Rajesh wrote:

> Re : Nasdaq
> I'm willing to take them (Mark Mobius & Abbey Cohen) head on.  I don't
> at all think that the Nasdaq is going to crash.  If you see the chart,
> you
> can clearly see that this is a devastating c-wave of an
> a-b-c correction.  Mark & Abbey have done the perfect tango with Elliot
> in
> reading the unfolding of the c-wave in advance.
> Looking at the chart you can see
> 1. the a-wave from the market top
> 2. the b-wave (in clear 3-waves) going to make a possible double top
> 3. the c-wave downwards which has unfolded
>
> This c-wave will be in 5-impulsive waves downward but the daily chart
> shows no breaking-up of the c-wave, hence it is a monowave and in
> order to see the internal structure of this c-wave you will have to look
>
> at
> the hourly charts.
>
> Coming back to the Nasdaq chart
> 1. You will notice the a-b-c formation made by the market during
> January/February 2000 after a sustained rise from mid-October 1999.  In
> this
> a-b-c flat formation, the b-wave crossed the market top and the c-wave
> failed to go below the bottom of wave-a.  Hence, the formation was an
> irregular failure.  This was the first sign of strength in the market.
> The
> subsequent rise to the market high of
> 5000+ fell far short of the expected rise that should follow an
> irregular
> failure pattern.  The only conclusion one can draw is that the rise was
> corrective in nature, qualifying it as either a larger degree B-wave or
> an
> X-wave.
> 2. In all probability it was an X-wave leading me to believe that the
> a-b-c formation (we are in the c-wave of this formation) after the
> market
> high of 5000+ is only part of a corrective combination which
> by itself is suggesting tremendous strength in the market.
>
> In my opinion, the market may not even fall into the price zone of
> the first a-b-c which is approx 4250.  Even if this level is broken,
> the market will never go below the c-wave of the first a-b-c which is
> approx 3750.
>
> If these readings of mine are correct, then when the fall is over, the
> Nasdaq composite would commence it's most phenomenol bull run in
> it's history.
>
> Ciao