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Strategies & Market Trends : Classic TA Workplace
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To: Shack who started this subject6/5/2001 2:35:48 PM
From: onewaypockets  Read Replies (4) of 209892
 
Could this be the count?

I've been lurking here for a few weeks. One of the EW subscription letters I follow issued the following below info a couple of days ago. This seems to jive with todays action almost to the tick, need opinions. His fibonacci .618 seems to have been almost met a few minutes ago. Maybe we turn here???

"Our preferred count now labels the first five waves up in the Nasdaq as complete at the 2328 high registered on May 22. We can count nine total waves up, which means one of the waves extended. It doesn't matter whether you label wave one, three or five as extended, the top still comes out at 2328. We labeled the third wave as the extended wave. These five waves up should now be followed by three waves down-wave a down, wave b up, the wave c down. It is entirely possible that wave a down is complete at the 2078 low of 5/30. If that is the case, then wave b up should top below 2328. Wave b up will be a fibonacci .382 of wave a at 2173, while a fibonacci .618 retracement targets 2233 for the wave b bounce.

A fibonacci .618 retracement gives us a target of 1890 for this entire a, b, c decline. Keep the big picture in mind. This is a fourth wave up in a bear market. The ultimate target for the fourth wave is 2627.......... The Nasdaq has turned on near perfect fibonacci ratios so far.
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