NewVision...the elliott wave count on the NASDAQ is very bullish, and sooo many positive events, contrarion indicators and stats like the NASDAQ and the NYSE with short interest at all time highs (all time highs!!) are pointing at an "extended wave 3" this week.
It's crazy how everything is falling and converging into place. I can run off quite a few.
Upside earnings surprises, tanking gas prices, "safe sectors" with formerly great turning ugly wave charts in drug, energy, and food stocks , the "6 month" rule on rate cuts, tax rebates coming in a week, incredibly high short interest, the Vix spiking to 30 last week, very low expectations for earnings, overwhelmingly bearish Silicon Investor web site.
And of course, the expanded flat on the NASDAQ that has fooled all the shorts...all the shorts swear the the DOW NASDAQ and SPX are in head and shoulders patterns.
Nope.
They are all in expanded flats, which is 3 waves down, 3 waves up and 5 waves down....this has fooled sooo many shorts, everybody on every web site and on CNBC swear it's a head and shoulders formation....and for Elliotticians, the situation and possible run up on the NASDAQ is the absolute perfect bullish scenario.
The expanded flat on the NASDAQ consists of:
(After the 5 wave jump to 2233 on the NASDAQ)
Wave A: 3 waves down 2233 to 2057
Wave B: 3 waves up 2057 to 2328
Wave C: 5 waves down 2328 to 1934.
Basically an expanded flat is a bear trap, and this bear trap could cause one mega rally...
This is options expiration week!
If the scenarios play out perfectly, the NASDAQ is gonna crash hard....crash UP hard. |
