WOW....I never noticed this one..it's like I called the crash too..
To: gem-x who wrote () 9/6/2001 8:49:34 PM
From: gem-x Read Replies (3) of 1951
What a great time to get kicked off. Anyway, it looks as though the lower end of the 5th wave drop unfolded.
The fifth wave is extending pretty strong...reaching my lower target within the 1700-1707 range.
In zigzags, the C wave is between .618 to 1.618-1.75 of the A wave, and the 1700-1707 range is 1.618 X wave A. (1.75 is 1667/1672) From what I see on the past couple days, the 5th wave of C is forming an ending diagonal, signalling the drop went to far too fast. Usually after ending diagonals complete, the pressure built during these waves cause "violent and dramatic reversals" The VIX shot up today to 33.01, and it from what I heard, there were rumors of a big mutual fund liquidating, selling on any bid, and according to Art Cashin, this happens during "frenzied selling states" and bottoms. I've never seen Art Cashin calling bottoms before, but in this case he is.
Tomorrow is very important, and a legit reversal needs to happen within the next couple days, or the 1619 low is going to break. If 1619 breaks, than the only level of support is 1355, and if that breaks, 1150.
But all the measurements are falling into place of the double zigzag, and a reversal of strong magnitude needs to occur tomorrow or Monday. I've never seen good news being sold into in frenzied states like this. This is nuts. The lowest targets I have for the NASDAQ are 1619, 1667 and 1707, and if it breaches those targets, all hell will break loose.
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Notice:
1357 = Sept 20, 2001 low..."..than the only level of support is 1355.."
1108 = Oct 10, 2002 low .."..and if that breaks, 1150.."
Posted on 9/6/2001:
"...and if it breaches those targets, all hell will break loose.." |
