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Strategies & Market Trends : Classic TA Workplace

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From: Shack	4/1/2005 4:49:31 PM
	Read Replies (2) of 209892

And we're back! Well so much for that wiggle impulse, the 3 up is no more. See, this is why I don't play the wiggles anymore.-g At this point this wave down could still be a (c) portion of a correction of that SPX wave but its not my favoured, it would have to stop right here and with the DOW making another low I am skeptical. However and perhaps ironically, another low makes the overall NDX pattern more bullish as the bulls have a declining wedge from Feb 15 off of which to trade. That would mean the NDX drops to 1445-1450 next week before some kind of rally emerges, either a C wave (the wedge being an irregular B low) or something more bullish with the NDX completing an ABC off the highs. Here's the pretty picture: ttrader.com If the index does not head to the bottom of the wedge and instead rallies right here then I still favour the blue count more or less as the Feb 15 would be a clear 3 waves. The wedge would just open up the possibility that its a 5 wave diagonal. If however the index drops below 1445 then I think we may get a mini crash and the NDX heads to the mid 1300's in a (iii) of C/3 (not shown on chart, I'm pretty sure you all can picture it). I also see WMT finally gave it up, things are going to get interesting there IMO.

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