*****NO POS TRADERS ALLOWED***
**UPDATE: My prediciton happened again, but watch these levels on the DOW" 10440 (618 retrace) and NASDAQ just broke 1946..
**Update Aug 11, 2001**
Possible scenarios for next week, TA with Elliott Wave.
Contrary to what the pundits on CNBC say for Friday, I believe the drop to 1915 and the bounce was significant.
The bounce came off of a very oversold MACD, lower Bollinger band, and there's been two consecutive days with 2 dragonfly dojis...I've looked at the candlestick charts for the past year (yeah it's hard) and haven't found ONE dragonfly doji, or even two consecutive dragonfly dojis.
Here's the definition of it:
"Dragon-fly doji. This line also signifies a turning point. It occurs when the open and close are the same, and the low is significantly lower than the open, high, and closing prices."
When there are dragonfly dojis, it represents a turning point after a prolonged downtrend or uptrend...in this case a 4 month downtrend. There was two of them on two consecutive days.
What I'm expecting next week, could be the start of wave 3, ONLY if this scenario develops..
A retrace of the bounce from 1915 to 1967, to the 1940-1942 level, than a follow through to the 2000-2020 level at the very least, and a rally to 2105+. Than a retrace to 2000 that HOLDS and bounces above 2105, targeting the 2170 level (.618 bounce from 2328 to 1915). The two levels of importance on the upside are 2105 (upper bollinger band) and 2170. The DOW is within 25-30 points of starting a new bullish uptrend, with 10440 being the important resistence level (.618 retrace of 10620 to 10197). The bounce of 250+ points on the DOW last Friday was pretty large, and on Thursday, it had a dragonfly doji. (Some may say a hammer)
If the 1934-1942 level doesn't hold, than there's gonna be one more wave down, going down as far as 1840-1860. (Which would turn the correction into a double three...double zigzag or a zigzag and a flat).
But the fact that there were those two dragonfly dojis, this could be the start of a significant reversal to the upisde, in other words, wave 3.
What's up? My name is Ted, or "gem-x".
(I'm looking for this girl named Dianalee (Dee) Campo who is in medical school at Penn State, and went to (Tri-Delt)University of MD, College Park. I need to contact her, it's important I have this torched stuff cat that's been turned into an ash tray, and it's looking for a home.)
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