|
PureBytes Links
Trading Reference Links
|
Hello all,
This is a bit outside the realm of trading, unless you're willing to take a
position based on predictions of what you imagine a market is going to do.
But the mental fun and games of prognosticating is somewhat addictive, so
I'll toss my own views of the NASDAQ Composite into the ring. Besides, I
still think I do Elliott better than any program can - my ego, you know...
But I still wouldn't enter a trade based ONLY on this kind of analysis.
This has been my 'preferred' count for the past month and so far, it's
holding up well - wave A of (B) rallied right into he middle of a Dinapoli
level, wave B retraced wave A by 123.6% (a common ratio for B waves in
expanded flats), and last Friday's gap opening has the look of a wave 3 (of
C) centerpoint. I figure the current rally should end up somewhere between
the green lines around the .618 level of the five wave move. If my labeling
is correct so far (or in the realm), then another five waves to the downside
is in the offing after the completion of wave C of (B). Now the question is:
will it end a three wave move in a larger corrective pattern, or will it
develop into a larger five wave pattern? My assessment, FWIW, is that the
projection given on the chart is only going to be three waves of a larger A
wave in a huge flat or triangle. Then three waves to new highs followed by a
crushing C wave that carries into sub-2000 territory (if it does turn into a
flat correction).
There - now we can all get filthy rich based solely on my opinion! Sounds
promising, doesn't it? : )
Clairvoyantly,
Dennis C.
P.S. When it all falls apart and does something entirely different from the
above, don't blame me.
----- Original Message -----
From: <ROSOW@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, June 01, 2000 11:30 PM
Subject: [RT] Re: Naz
> Hi all,
> I see the Naz heading to the broad area of 3680-3720 before resistance
> sets in. Looks like a wave 3:A to me. Any comments?
>
> PS - I don't like wave 4:5 encroaching the territory of wave 1:5 but the
> closes were only 10 points apart. Besides why ruin a good picture(ggg)
>
----------------------------------------------------------------------------
----
Attachment Converted: "f:\eudora\attach\comp1.gif"
|