CFZ E-Wiggle Workspace Message Board

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Strategies & Market Trends : CFZ E-Wiggle Workspace

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To: the-phoenix who wrote (3650)	7/7/2003 8:11:02 PM
From: ajtj99	Read Replies (2) of 41500

If we do get a pullback, I'm not looking for more than 20 or so NDX points at the most, and probably more like 10 NDX points. If you take the move up from 1180 to 1250 as wave 1, and the drop to 1228 as wave 2, a 1.618 extension gives you a 1341 NDX target for wave 3 up. If that's the case, a pullback of 22 points for wave 4 would give us 1319 NDX, and a truncated 5th wave up would get us to NDX 1362 (.618 x 70). Either way, I think this move has more room on the upside. Look at the 5th leg up from the end of November to the Dec. 2 top and the wave 1 up from the March 12 lows. Both were 8-days (a fib). I think we could be looking at a similar situation here for this wave 5 up off the NDX 1180 lows. If that's the case, our high would come Friday, and we'd dump into next week's options expiration.

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