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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: el paradisio who wrote (46474)	4/16/2000 4:19:00 AM
From: Andy H	Read Replies (1) \| Respond to of 99985

Having some fun with fibonacci numbers on the NAZ. Using the following print highs and lows (some are guesstimated from looking at charts, but should be close enough) High 5132 in early March, first low 3649 on April 4 (wave 1 or A), second high 4450 April 7/10(wave 2 or B), then if wave C equals wave A, then 2967 is the target. If the secondary high of 5057 in late March is used as the starting point, it yields a target of 3042. The secondary high could be a rare fifth wave failure, especially given the severity of the ensuing decline, which would be expected given a fifth wave failure. Higher targets based on 61.8% of either 5132 or 5057 gives 3171 or 3119, respectively. Thus, I'll be looking for bottoming signs around 3150, then 3000. At 3000 we would have retraced almost the entire move from the Oct 29 high volume breakout through 2900, closing at 2966 that Friday. Would think that if we get there a tradeable rally to 3500-3600 would follow.