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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject3/29/2001 3:20:32 PM
From: velociraptor_  Read Replies (1) of 37746
 
If you think this is ugly today.....wait until tomorrow.

Confidence should now be broken as many begin to wonder. DOW had a 900 point rise and everyone was calling bottom (wrong again, of course) and saying it was the start of a new bull. Cheers were abound. Parties were held.

Velo held his Puts and bought more on the way up."Bottom my butt," he says.

Now as the masses begin to see that a 900 point rise is still not enough to take this bear down, the worry will begin to creep in. A break of the lows at 9100 and panic will ensue. Nasdaq is already leading the way, as it comes close to testing the bottom and ready for the break. The leaders are dumping as if the dam broke.

Could this be the start of wave 3 down? Wave 1 chopped 1700 points off the DOW. Wave 3 could be as much as a fibonacci 1.618 times as long. Hmmm....let's see....1700 X 1.618 = 2750 points. 9950 (Tues top) - 2750 =

7200...Ooooh. Now that's scary
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