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In a message dated 4/20/00 7:41:02 AM Pacific Daylight Time,
prosys@xxxxxxxxxxxxxxxx writes:
> This is the 5th leg down, not the 3rd. EWT says this is the final one.
On a close only daily chart you could count 5 down completed already. IF that
is the case then theoretically it should lead to a bounce into the previous
4th's range: 4150 to 4450. Keep in mind that Elliott Wave refers to all
degrees of scale, so
IF this is "5 down" it could just be "A" or "One" in a much larger pattern
(in other words: the first of two or more downswings). Also, the NDX 100 made
a new high on the Nasdaq Comps "wave 2" failure (the 3-24-00 lower peak).
That leaves an "ABC" (two down swings around a rally) down in the
NDX....Hmmm, what a can of worms....that would indicate new highs in the NDX,
but maybe not the COMP.
The bottom line: I'd take a long hard look at a weak rally to 4450 IF it
happens.
Regardless of how much fun such ideas might be to contemplate I would only
trade them if they were confirmed by other methods.
Bill Wynne
SmartTrades.com
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