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Good afternoon all,
This is in hindsight but take a look at the rhythm of the move down of
Wave 3 on the NASDAQ since 07/21/00:
1) Wave 3:3 = Wave 1:3 X 2.618.
2) Wave 1:3 X 1.618 at first provided support and ultimately resistance.
3) Wave 5:3 = Wave 1:3 X 1.618
4) Wave 5:3 = Wave 1:3 X .618
Of course, as I said this is in hindsight but odds say Major Wave 4 up from
here with a maximum target of 3042.66. What's scary is if 1619.58 doesn't
hold before Wave 4 can develop (Wave 4's should last as long as 38.2% in time
of Wave 3 i.e. week of 07/13/01) then I see 900 as an eventual target which
is Major Wave 1 x 1.618. Have a great weekend!
Lenny
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