Zeev's Turnips Patch-No Politics (ZEEV)

[market_watcher]

Taking a step back from the 'wiggles', something like this chart scares me into thinking that we could have another 100+ NDX points to the upside. Taking the 1 of 5 as the move from August 4th to the Intel G & C we get ~140 points. Wave 2 is the correction down to 1280. That puts us in the 3 of 5 of 5, with a target of 1280+140, or 1420. A 4 would take us down another 60 points to 1360, with a final 5 blow-off, March 2000 reprise target of 1360+140=1500 NDX. That's if each wave lines up perfectly from a points perspective. It seems more likely that with Max Pain around 1300, what I'm calling wave 3 will not reach 1420 and will correct more than 60 points.

I just don't want to be insufficiently open to the bullish argument, and I'd also hate to fight this thing all the way to 1500. My preferred scenario is that 1 was 1204 to 1250, 2 is that sideways correction, 3 is the move up to the Intel G & C, and that we're in 5.