I think it's just an ABC on the NDX. A=C at 1631.
Just curious, vvv - what do you think this presumed ABC is correcting?
I have a rather difficult time fitting in this pullback, which so many presumed to be corrective, into the context of the advance since August 2004.
I can easily see the move since last May as as consisting of multiple zigzags... But an impulse is a little tough. What would be a way to make it look impulsive? Let's say, it started out as a bullish series of 1's and 2's, followed by a 3 of 3 (which was the October rally)?
stockcharts.com[f,a]daclyyay[d20040709,20060209][pb50!b200][vc60][iub14!la12,26,9][J51027878,Y]&listNum=1
Generally, imo when we have such a rambling, cranky rally as we had for the past 2 years, on vanishing momo - bearish views look more elegant. And maybe there is a reason for that.
Any comments welcome... I'm sorry to have to hit and run, but must go... getting up very early in AM - ski time. Will reply to comments (assuming there will be any) on Sunday. |
