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Strategies & Market Trends : gem-x's incredibly accurate Elliott Wave forecasts.
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To: gem-x who started this subject12/22/2001 7:22:04 PM
From: gem-x  Read Replies (1) of 2290
 
Bullish harami cross on the NASDAQ and many NASDAQ names..looks like this could be the start of another wave up. Haramis are one of the strongest reversal patterns.

But the rally retraced exactly .382 of the wave down from 2008 to 1918 (1954/1955).

Likely scenarios on Monday is a continuation of Friday's rally to the end of the year, or that last wave down to the 1900/1905 level, than the rally.

So far, the count looks like this:

1387 to 1794 wave 1
1794 to 1646 wave 2
1646 to 2066 wave 3
2066 to 1905/1918 wave 4

Since wave 1 and wave 3 were close to equal length, 9 out of 10 times the 5 wave up is extended and shows all the characteristics of an extended wave 3. In a 5 wave sequence, at least one of the waves extends, and it looks like the 5th wave up may do that.

If this is the case, than wave 5 should be 1.618 X (the lengths of wave 1 + wave 3) = 679 X 1.618 + 1918/1905 = 3000/3016.

But to give the bears a fair chance, they can call 1387 to 1794 wave A, 1794 to 1646 wave B, and 1646 to 2066 wave C.

The next 5-10 days are very important and will finally show how the year is going to start out.

If the NASDAQ breaks 2066 in the next 5-10 days, there's a good chance that that 3000+ target on the NASDAQ is going to hit...a rally that may last until May.

But if 1853 breaks, than a re-test of the lows is more than likely.
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