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Non-Tech : Raptor's Den

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To: velociraptor_ who started this subject	8/1/2002 12:55:53 PM
From: velociraptor_	Read Replies (2) of 10157

We are no doubt correcting off the lows. Since last week on Tuesday, the indexes have made a 3 wave move up into the high on the 30th and is now retracing that. The Nasdaq chart best illustrates the pattern. raptorgroupresearch.com Off the high on the 30th, we did a 3 wave zigzag in green and a another 3 wave move but this time a flat into the high this morning in light blue. Now we are moving down again and thus far have 2 waves with the second in purple. The Nasdaq target projects to 1260 which should break the 1290 support line before moving to a new high and invalidate any potential bullish count. It's possible that the initial 3 wave move from last week Tuesday into July 30th is only an A wave of a larger correction and we are now doing the B wave that should retrace a good bit of the A. A final C wave rally could mark a lower high and then the next plunge should begin. Alternatively, the 3 wave rally into the July 30th high is complete as a correction and we are heading down in a series of 3 wave moves again to new lows.

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