Monday, August 18, 2003 6:23:05 AM
Mathias` NDX Wave Update.
"Strategically, key resistance is at 1249. A move over that level confirms the alternate count is in play."
We were actually expecting an end to the consolidation last week, and a more upwards to (but not over) 1249. In actuality, we blew through that resistance number, which puts the mid-term outlook (preferred scenerio) into question. The alternate count (wave C not yet complete) comes back into play. Should this actually work out, we should see upside potential of 1370. The intra-day pattern also supports this thesis. Our next upside target should be 1300.
For this positive outlook to hold, significant support at 1170 cannot be broken. (Shorter term, 1230 should be a more conservative support level). More likely, we correct down to around 1240 during the beginning of the week before continuing upwards. Support can be found at 1244, then 1238. A break below 1251 is a signal that this mini-correction is underway.
"Strategically, key resistance is at 1249. A move over that level confirms the alternate count is in play."
We were actually expecting an end to the consolidation last week, and a more upwards to (but not over) 1249. In actuality, we blew through that resistance number, which puts the mid-term outlook (preferred scenerio) into question. The alternate count (wave C not yet complete) comes back into play. Should this actually work out, we should see upside potential of 1370. The intra-day pattern also supports this thesis. Our next upside target should be 1300.
For this positive outlook to hold, significant support at 1170 cannot be broken. (Shorter term, 1230 should be a more conservative support level). More likely, we correct down to around 1240 during the beginning of the week before continuing upwards. Support can be found at 1244, then 1238. A break below 1251 is a signal that this mini-correction is underway.
Trade what you see, not what you expect.
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