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

To: Shack who wrote (114555)	3/11/2005 7:13:02 AM
From: stkboy1	Respond to of 209892

investorshub.com NDX: Review For the first trading half losses were expected, with 1515 and 1502 representing potential end points of the bear wave. The daily low was reached at the lower, but chart technically more important support. The reversal in the second session half did therefore not surprise, with the index making up all of the previous losses. Wave picture Again it has to be referred to the chart technical situation in the daily chart, as since the end of February a sideways correction is under way. The conclusion is clear: it is just a question of days before the next bear wave starts, whose price target is 1430 points. The patterns of the past few days are still part of correction wave B, which allows a limited but volatile sideways move between 1505 and 1550. The decline since Monday initially had impulsive signs, but with the low yesterday a corrective count can easily be achieved. Therefore a lot speaks for the favored count of a wave d of B, which was completed at yesterdays low. In principle an extension of wave d is possible (within a flat, which leads to marginally lower lows early next week), more realistic is the beginning of the concluding wave e though. For today and Monday accordingly moderately rising prices are likely. The ideal target for wave e is at 1545 points, where the NDX has to stay below 1550 at any rate. Yesterdays rise can be counted as part of a small downward fiver, which hints at a zigzag correction. A friendly open is therefore likely as a low grade wave v' is missing. Ideally there will be an intermediate high at the resistance of 1528 as wave a' of e. For the following hours a moderate counter move within wave b' of e has to be expected, which leads to losses to only 1516. The next meaningful resistance apart of 1528 is at 1534, which should not be tested today. Prognosis The NDX should end yesterdays rise at 1528. Ideally there starts a multi-hours counter move to 1516. Overordinately the current wave e has remaining potential to 1545, but the entire correction of the past few weeks cleary is in its final stage. wallstreet-online.de Culmus