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Below is the message I posted on last Monday. What I did not mention
at this time was another price/time cluster; Dec 8 / 3200 pts,
instead of Dec 8 / 2230 pts. I did not mention it because I did not
see this alternate possibility worth to mention.
Now that the index jumped a full 10% yesterday...
I hope to be wrong of course, because if the Nasdaq hit the 3200 zone
next Friday, it means that the reversal would be...an up-down
reversal, and I would then keep 2230 as the target for this bear
market, probably to be hit the week thereafter, just before an end-
year rally.
Anyway, I will stick with my reversal forcast for Friday Dec 8.
Carl
From: Carl Vanhaesendonck <carl.vanhaesendonck@xxxx>
Date: Mon Dec 4, 2000 1:58pm
Subject: NASDAQ turning point Dec 8 at 2230
I am an A Get user and found Friday Dec 8 to be an crucial date for
Nasdaq 100, as well in time fibonacci sequence as time/price. We have
a time/price cluster at 2230 on Dec 8.
2230 also appears to be a MOB point and, furthermore, the target for
the end of W5.
And finally, if you consider the big congestion of last October
between 3000-3500, which mid-point is therefore 3250, and the
starting point of the big down move in early September from the 4200
area, we have 2200-2250 as the final target.
My "expectation" is then as follows:
Today (Monday Dec 4), the bullish reaction extends further, until
Tuesday/Wednesday and up to 2750-2950. Then we would have 2 horrible
days with a decline down to the 2230 target on Friday the 8th.
Now, another possibility would be a rally from now to Friday 8th,
which would then make Friday as a up-down reversal day.
Anyway, there is a lot pressure in this 2230 area.
I also expect the vast majority of advisors and public to be
overwhelmingly bearish if Nasdaq should drop that far, so that this
would still increase the odds for a Major Bottom being reached.
Carl
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