In Tuesday’s trading the markets did push higher as expected, with the GLOBAL markets moving to or near their respective (.618) FIB retracement levels before reversing in today’s trading. Some examples:
1) The STOXX 50 hit 2729.05 on Tuesday, where its calculated (.618) A-B-C Correction was 2728.35. On Wednesday it did push higher to 2739.33 before reversing later today.
2) The FTSE hit 4515.20 on Tuesday, where its calculated (.618) A-B-C Correction was 4510.45.
3) The Nikkei 225 hit the 11,548 level, where its calculated (.618) A-B-C Correction was 11,547.92.
4) The SOX on Tuesday hit 489.18, where its calculated (.618) correction was 485.95.
So the markets around the WORLD have ”completed” their respective Wave 2 corrections; and are poised to begin the next leg of the yet “incomplete” Larger DECLINE. For the NDX to have the SAME Wave 2 wave-count as the other GLOBAL markets, one would have to count the HIGH of 1496 made on Tuesday as a completed (but Truncated) Wave-© of a complete (a)-(b)-(c) Wave 2 correction from the LOW on March 24th. The alternate count is STILL the Wave-(ii) of 3 of C that I have been working with for some time now.
If either of these two wave-counts is “correct”, then the markets should continue their DECLINES from here. Whether we are starting the Next Higher Degree Wave 3 of C or the alternate count of Wave-(iii) of 3 of C, each are in EW positions that indicate a Powerful and Accelerated DECLINE is DEAD AHEAD.
I am lowering my STOP LOSS from 1520 to 1508 on the NDX.
Currently, I have a position in the Rydex Venture (RYVNX) Fund, established on 04/12/04 at $24.92, within the Aggressive Portion of the portfolio; while the Conservative Portion of the portfolio has been in Cash or Cash equivalents since 01/02/04.
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