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now that we come so far
Do you still think there is a danger of RE visit the low Before july?
(i see a GOOD pull back until 5/1-5/5
Ben,
Don't know if this was directed to me or not but I'll add my two cents
worth here. Since I like to look at things from a step back I'll use Weekly
charts for a view of the "Bigger" picture:
1) As I stated last Friday, the NASDAQ rhythm to Fib #'s have been quite
remarkable.
2) As far as I'm concerned, it's very difficult to come up with a
predetermined reversal area for a Wave 1 or a Wave A after the first move off
of a long 5-Wave sequence down. Although 2251.71 (my wave 3:3 low) should
provide some good resistance. At this point I have tight stops on everything
I own.
3) As I have said in the past, Wave 4's should last at least as long as 38.2%
in time of Wave 3. So the low on 04/04 should hold for at least (2) months.
4) Once there is a turn down on the Weekly chart I would expect at least a
38.2% retracement of the then current move up and would get VERY nervous if
it retraced past 78.6% although the NASDAQ Wave 2'w has been typically
retracing close to 100% of Wave 1's on the Impulsive side of the ledger.
5) My price clustering shows the area of 2866-2962 as a possible finish to a
wave 4 around the Week of 07/13/01.
That's all for now.
Lenny
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