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bobrabcd wrote:
>
> Looks like we have a wedge formation forming on the NDX. These
> characteristically fail to the downside. AIQ ndxgroup Expert ratings
> backed off to 13 up and 72 down.
Ditto. I count Elliottwaves and also came to the same conclusion. I
call it a 5th wave triangle which always ends a 5 wave advance. The 5
waves that make up the triangle can all be counted with 3 waves that
overlap with each other. We are coming to the last 3 wave up move,
possible starting tommorow or the next day. That will complete the 5th
wave triangle. The next move would be a correction in three waves.
I am looking for a REAL top in the stock market within the year. The
angle of incline for the Stock Indexes has been very steep this last
year. It is not substainable. Every correction should be watched
closely for signs of impulsive moves to the downside. That signals a
possible trend change. Anyone else share my reservations??????
I remember telling a friend in 1986 that the Dow would see 100 point
days as a normal occurrance. He could not envision that when a 10 point
day was more the norm.
Now, I am going say that a 50% drop in the Dow is self-evident before
the millenium is out. Seems rather far fetched again???? But this time
I am more than an armchair observer. I actively trade when I see
opportunities. This one I am patiently waiting for. It's been a long
wait.
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