Note that during the same time period of the Nasdaq triple bottom, the NDX should make lower lows (going on the opposite direction) before the bigger rally. So on the next trip down, we may again make minor lower lows. I think the fact that it did make lower this week adds credence to the retrace theory.
stockcharts.com[h,a]daclynay[d19970224,19970524][pc9!c13!c20!d20,2!a910!a869!f][iLa12,26,9!Lh5,5!Li10,10!Lp14,3,3!Ll14]&pref=G
Yes, the numbers are different as the first lows in 2002 were 869 and 856 and they were different working backwards in 1997, but the pattern is the same. All this supports Justa's "Buy Any New Low" thinking here going forward on the NDX. |
