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

To: Moominoid who wrote (121736)	7/8/2005 5:21:57 PM
From: skinowski	Read Replies (2) \| Respond to of 209892

NDX bottomed on April 29, and from there traced out a nice looking impulse. At yesterday's low it retraced close to 50% of that rally -- and it did so in 3 waves. For any reasonable short term bearish scenarios to survive, this index has to reverse pretty soon - and dip under 1510... for starters. Btw, check the pattern since the beginning of this year -- and the one which started from the top in Jan 2004. It looks very similar, albeit on a larger scale. If this analogy holds, that would put us in a place which would be similar to early June of last year. To continue that analogy, we would proceed to make new recovery highs (but no new yearly highs)... then what would follow is a decline under April lows.... and then... and then we'll see.. -g/ng Let me try... Maybe something like this: stockcharts.com[r,a]daclyyay[de][pb50!b200][vc60][iub14!la12,26,9!lyb20,2.0][J51027878,Y]&listNum=1