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Strategies & Market Trends : Classic TA Workplace

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To: Moominoid who wrote (31281)	2/15/2002 10:36:16 AM
From: velociraptor_	Read Replies (2) of 209892

I agree with your C wave for rhe Nasdaq, but I doubt we make it to 3000. There's no rule that says a retrace has to be at least 38%. The japan nikkei is probably the best comparison to the Nasdaq interms of chart patterns, and that index only barely made a 38% retrace which took over 4 years to do after it hit the first major bottom at 15,000. The problem though is that the Nasdaq was even more overvalued at it's peak than the Nikkei was. A 0.23% retrace is also a fib retrace and the index will be lucky to see that for a while.

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