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If you look at a weekly chart of the NASDAQ composite, you will see a pivot
low on 19Feb99 at 2224.20 - today closed below that pivot low and the next
pivot low down is 1357.10 which was the beginning of the parabolic rise. The
decline which began 21Jul00 has been so steep that it most certainly
qualifies as a w.3 and I don't believe w.3 is quite finished although it may
be getting close to a rally. (One should not ignore a standard w.3 expansion
of 162% of W.1 projected from W.3 (10Mar00 PH, 26May00 PL, and 21Jul00 PH)
projects to 900.) Based on the current low of w.3, AGet is projecting a w.5
termination at 1015. While we need w.4 (which should be a nice tradable
rally lasting a month or more) in order to more closely project the end of
w.5, I've long believed the NASDAQ would retrace all of its parabolic rise.
So there you have a best case of 1357 and current worst case of 1015 with
the jury still out.
Earl
----- Original Message -----
From: "Jimmy" <jsnowden@xxxxxxxxx>
To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, February 27, 2001 10:13 AM
Subject: [RT] Re: NDX question
> Recent posts didn't see much upside to the rally. What I see on the NDX
> chart leads me to think we have a better chance of a nice tradable upside
> move than the continuation of the decline.
>
> Do any of the Elliott Wave technicians see this or is another significant
> down move pretty much needed?
>
>
> Jimmy
>
>
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