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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: The Freep who wrote (5212)	6/17/2001 6:59:15 PM
From: Shack	Read Replies (3) \| Respond to of 209892

Nothing is certain Freepster, but we indeed had a 5 wave impulse off of the April 4 lows and the corrective pattern is not complete. If it had been a 3 wave pattern, then I would say it could be an expanded flat or something where we basically flag before the next plunge, but the 5 wave impulsive 'A' suggests a 'C' to come. The sentiment indicators are telling me that we are getting too bearish too quickly for there to be a sustained down move here. We're washing out some bulls here, and soon I think we will wash out some bears. With the current backdrop, what could possibly be the spark for that? I have a hard time getting my head around it too but who would have thought on April 4 (Nasdaq 1600) that we would rally to 2328 in 6 weeks. What was the catalyst there? Dell said they'd make their numbers? Please. Markets will do what they have to to take all they can from everyone! The market doesn't care what I or you think. It just wants our cash. If fundamentals really mattered, we would already be at Nasdaq 1000, and probably lower. Don't mistake buying a tech stock for prudent investing. Its speculating...pure and simple. I am planning to go long shortly, maybe we drop further first but when I see a nice r/r setup, I will be buying QQQ calls. BTW Freepster, many of my clown friends told me they finally took my advice and sold NT. (I'd been telling them for a long time of course). Nobody wants this stock up here anymore. Its in capitulation mode and I'm not sure there will be a better short squeeze candidate shortly.