gem-x's Elliott Wave Forecast: Feb 5, 02 (non-babble version)
I'm going to be sending a shorter version of my e-mails, without all the babble, so you guys and gals can bookmark this for your convenience during trading days. I'll be rating each fibonacci retrace level and wave count 1 through 10, with 1 being less likely and 10 more likely....and if I'm bearish or bullish, 1 being bearish, 10 being bullish.
(By the way, I appreciate the overwhelming support, and the curiousity, if you have any questions, don't be afraid to ask, I'm always accessable, unlike a lot of anal suit and tie guys who wouldn't give you the time of the day..if you've noticed, I'm a religious, peace loving hippie guy at heart ;) )
How was the day yesterday? (1 - yuck)
Was volume bad on drop/rally? (8 - bullish - volume was light)
Expanded flat (holding 1823/1850 and rallying? (5 - dangerously close)
Possible zigzag (retrace to 1656) (7 - looking likely)
Degree of "Big push/Big uuuh" drops yesterday: 1 (bearish - one big ugly one)
Japanese Candlestick for NASDAQ: Big red candle, possible evening star (1)
Chance for larger correction or a larger rally tomorrow: (3 - retrace than drop)
NASDAQ Fast stochastic: Around 10-15 (9 - pretty oversold)
Fear-o-meters: VIX /VXN: VIX: 26.94 VXN: 45.84 (4 - these guys aren't budging)
Put/call ratio: 10 day MA .74, 21 day MA: .73, today: .98 (9 - very bullish)
Is gem-x bullish or bearish? (4.99)
NASDAQ Fibonacci support/retrace levels to watch tomorrow:
1823/1826 (.382 retrace of the entire move from 1387 to 2099)
1885 (.382 retrace of the down move from 1942 to 1849) Breakout from this move: 1
1906 (.618 retrace of the down move) Breakout from this move: 5
1922 (.78 retrace of the down move) Breakout from this move: 8
1942 (breakout) Breakout from this move: 10
Longer term NASDAQ levels to watch:
1783 (a previous wave 4)
1656 (.618 retrace of 1387 to 2099)
1695 (equal length to possible Wave A down -247 points from 1942)
1823/1826 (.382 retrace)
What I did: Sold +$2.50 on BRCD, +$1.00 on QLGC, + $.1/4 on EMLX, -$1.50 on MCDT
Why I did it: .618 broke, than .78 retrace level broke on NASDAQ.
DISCLAIMER:
GemX does not warrant the completeness or accuracy of the information contained on these pages/e-mails, but provides it for whatever value our members and guests may find in it.
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gem-x's incredibly accurate Elliott Wave forecasts
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