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Strategies & Market Trends : Sharck Soup
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To: velociraptor_ who wrote (30075)7/5/2001 9:26:20 PM
From: DlphcOracl  Read Replies (1) of 37746
 
raptor: Now that NASDAQ has closed below 2084, and are almost certain to close further down on Friday, the key question is: "How low do we go?" Do we:

1. retrace to the 50% Fibonacci point at 1973 (between April 4 low of 1619 and May 22 high of 2328) and bounce from there?

2. retrace to the 67% Fibonacci point at 1853 and move up from there?

3. retest the April 4 low in the 1600's?

FWIW, I think #3 is the least likely to occur this month. One thing that has changed in my summer scenario -- I do not see the NASDAQ reaching the 2500-2600 range between now and November.
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