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Strategies & Market Trends : gem-x's incredibly accurate Elliott Wave forecasts. -- Ignore unavailable to you. Want to Upgrade?

To: Stcgg who wrote (1765)	1/18/2002 10:33:34 AM
From: DEM	Read Replies (2) \| Respond to of 2290

gem-x's Elliott Wave forecast: Jan 18, 2002 w/ pics! Tomorrow is 5 of 5 down of all three indexes... So far, we've gotten 1, 2, 3, 4 of a 5 wave move down, and tomorrow will provide a gigantic clue of what wave we're in and how severe the correction will be or will have been. There's gonna be a good trading opportunity, once the 5th wave completes...just about all the major NASDAQ stocks should retrace at least .382 to .618 of it's big 5 wave move down from the top at 2099 if the next move up is a Wave 2 or Wave B up....but if the correction turns into, what bulls are hoping for, an expanded flat, the next move could break new highs and move much higher from where we are now. But I never ever trust 5 wave impulse waves down, so it's best to be very careful. Once the big bounce completes, it's important to watch where it retraces, than be gung ho. A lot of tops and bottoms occur during the week and Friday of expirations, so the action tomorrow is very important. Here's my 10 day count of the NASDAQ on a gif.. photos.yahoo.com Wave 5's of any impulse move can be tough to decipher... Usually it's equal length to Wave 1 (NASDAQ 72 points targeting 1915/1918), .618 of the net movement of wave 1 + wave 3 (1890), or the 5th wave could truncate, and hold the previous low of 1944...the NASDAQ Futures are down 25-27 right now so that would be wave 1 down, from wave 4 up today from 1944 to 1986 (.382 retrace is 1987). I'm watching DOW 9661, SPX 1114.50 and NASDAQ 1918, levels that are very important.. I wouldn't say that this is the resumption of a bear market, more like a bump in a bull market....if you've noticed this week, tech companies have reported blow out earnings, and market tears 'em down, finding some tiny little thing to sell on. But tomorrow, and the next few days will uncover clues on what the next couple months to few months may bring.. Tomorrow, again, I'll be following the 10:30-11AM rule before deciding if the indexes will hit bottom in the morning and rally all day long. If the indexes get smacked between 10:30 and 11AM, more than .618 of it's move up from the low of the day, it's best to wait until the last minute to initiate a position. It's dangerous to short a 5 of 5 wave down, and dangerous to assume a morning pop is going to be a reversal rally. Either way, 5 of 5's are great trades for a pop, but nothing else, unless the "expanded flat" occurs: Here's a pic of what the bulls are hoping for: photos.yahoo.com Bear count: photos.yahoo.com Here are the wave counts from the 1974 lows to 2000 highs on the NASDAQ and COMP, and how I "discovered" those two levels of 12,000 and 37,000/38,000... DOW: us.f1.yahoofs.com COMP: photos.yahoo.com DISCLAIMER: GemX does not warrant the completeness or accuracy of the information contained on these pages/e-mails, but provides it for whatever value our members and guests may find in it. Subject 51336 gem-x's incredibly accurate Elliott Wave forecasts