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Pastimes : Trading the markets.....
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To: GROUND ZERO™ who wrote (250)10/10/2000 8:55:18 AM
From: Peace  Read Replies (1) of 4583
 
We will probably not get that capitulation that many are looking for. The bottom was set in May on the NDX and we are just doing a retest. I believe this and is the reason why I have said all along that May lows will hold. We did an ABC correction in to May then a new advance as Wave 1 in to Sep. This is a wave 2 correction. Wave 2s can be deep as they test the resolve of bulls and sometimes retrace all of wave 1 (double bottoms, bear traps). We are on the brink of Wave 3 up. Since wave 3 cannot be the smallest of the 5 waves and wave 1 was 1250 points, we can get to new highs before this entire advance ends. If we assume that we bottomed yesterday on the NDX then one eventual target for the NDX would be 5200. Of course there will be corrective subwaves and wave4 to deal with but the final objective will be well worth. I am not an expert with waves and would love hear from the experts here.
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