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Strategies & Market Trends : Sharck Soup

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To: DlphcOracl who wrote (30104)	7/5/2001 10:34:24 PM
From: velociraptor_	Read Replies (2) of 37746

Honestly, I cannot put very solid confidence into any one scenario at this point, but with the break of 2084, I can say that we are going down more for the short term. The elliot wave counts still have both bearish and bullish possibilities, but the bullish ones are being eliminated as it keeps taking longer to start a meaningful rally. The DOW and S&P will be key in helping or pull down the Nasdaq or push it up so they'll be worth watching. On the Nasdaq, I think the point to watch will be the 1975 level again. We hit it once already (close enough for a 50% retrace) and will need to see whether it holds on a retest, or makes a higher low. A break and we should get that 62% retrace that would be next. 2500-2600, does not look likely right now in the intermediat term, and while a restest of the 1620 lows is very possible, I am not counting on it for this month just yet.

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