Tuesday, October 09, 2007 7:07:25 PM
Qs traded to 53.45 HOD and 53.03 LOD which is intraday uptrend support. During the last three trading days show strong trend-trading; however, it is now showing negative divergence on 60m leaving "run-away" gap behind.
It is now closed above the uptrend resistance targeting near to 55 +/- without significant pull back. Note that I posted 57 target as upper target and 55 as lower target when Goldman made a comment on market expectation.
Working off intraday negative divergence will be a good thing.
Good luck
QQQQ Measured Target 57 +/-
Breakout from Jan 2004 to 38% retracement of Mar 2000 118.80 – Oct 2002 19.48 is targeting Qs 57 +/-.
Jul 19, 2007 top 50.66 was the Nov 2006 breakout of Apr 2006 top. Qs reversed from Nov 2006 breakout support of 44.50 +/- which is also 50% retracement of Jul 2006 – Jul 2007 rally. The reversal from 44.50 to anticipated breakout from Jul 2007 50.66 is also projecting 57 +/-.
The target 57 +/- will be completing the breakout from Jan 2004 top in Dec 2004 which was the initial breakout attempt which was succeeded by the second attempt in Nov 2005, followed by a correction in Jun-Jul 2006 which was resulted in a stronger price advancement in larger wave in Nov 2006-Jul 2007 sequential wave pattern.
The Jul 2007 50.66 was Oct 2002-Jan 2004 price extension from Aug 2004; therefore, Oct 2002-Jan 2004 price advancement = Aug 2004 – Jul 2007 price advancement.
The price advance pattern is targeting Qs 57 which is the target of the breakout from Jan 2004.
~~~
How's 2007 Combo fractal of 1998-1997 coming along. We now have SPX new high 1565.15 and DOW 14165.53 while Nasdaq is also trading to 2803.91.
So far, the patterns are quite similar; however, as noted we are going into earning season with higher risk based on market anticipation of the weakest 3Q earning reports in 5yrs.
Intraday price actions are showing negative divergences for two days, so any good sell-off will be a good one.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23543630
It is now closed above the uptrend resistance targeting near to 55 +/- without significant pull back. Note that I posted 57 target as upper target and 55 as lower target when Goldman made a comment on market expectation.
Working off intraday negative divergence will be a good thing.
Good luck
QQQQ Measured Target 57 +/-
Breakout from Jan 2004 to 38% retracement of Mar 2000 118.80 – Oct 2002 19.48 is targeting Qs 57 +/-.
Jul 19, 2007 top 50.66 was the Nov 2006 breakout of Apr 2006 top. Qs reversed from Nov 2006 breakout support of 44.50 +/- which is also 50% retracement of Jul 2006 – Jul 2007 rally. The reversal from 44.50 to anticipated breakout from Jul 2007 50.66 is also projecting 57 +/-.
The target 57 +/- will be completing the breakout from Jan 2004 top in Dec 2004 which was the initial breakout attempt which was succeeded by the second attempt in Nov 2005, followed by a correction in Jun-Jul 2006 which was resulted in a stronger price advancement in larger wave in Nov 2006-Jul 2007 sequential wave pattern.
The Jul 2007 50.66 was Oct 2002-Jan 2004 price extension from Aug 2004; therefore, Oct 2002-Jan 2004 price advancement = Aug 2004 – Jul 2007 price advancement.
The price advance pattern is targeting Qs 57 which is the target of the breakout from Jan 2004.
~~~
How's 2007 Combo fractal of 1998-1997 coming along. We now have SPX new high 1565.15 and DOW 14165.53 while Nasdaq is also trading to 2803.91.
So far, the patterns are quite similar; however, as noted we are going into earning season with higher risk based on market anticipation of the weakest 3Q earning reports in 5yrs.
Intraday price actions are showing negative divergences for two days, so any good sell-off will be a good one.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=23543630
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