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Strategies & Market Trends : Classic TA Workplace

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To: Shack who started this subject	3/22/2004 1:56:06 AM
From: J_K	of 209892

NDX E-Wave update (weekly): wallstreet-online.de; Looking back not too much happened over the last week. At 1.390 the index managed a weekly low (as expected). The main resistance at 1.450 was not overbid and no long signal was created. The daily chart shows two aspects: - The short term downtrend is intact. - At 1.350 a very important support is waiting. Onischka sees a wave c from February 19 with a missing subwave 5’. The intraday chart shows that the price-patterns from last week were corrective. There was a little impulse to 1.432 (so that there might be another subwave 1’ and 2’), but the patterns show a correction within the downtrend that must be counted as wave 4’. What next? On the short side Onischka is waiting for a move to below 1.390 (am extension to around 1.350 is possible). In this area a significant bottom should be built. Even in case of a wave B of (4) this low should last several weeks. Therefore at 1.350+ another up-trend should start. Before that subwave 4’ must be ended. Very short term Onischka prefers a timely extension. That means a low for Monday at around 1.400 followed by a move to around 1.440 (downtrend stays intact). Weekly: Loking at the weekly chart Onischka sees a running wave (4) as long a s the uptrend is valid. Therefore the January-Tops should be tested again. The alternate count is a running wave (B). The last weekly NDX update from March 14 can be found here: wallstreet-online.de; Regards, JK

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