|
PureBytes Links
Trading Reference Links
|
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
|