Wow Steve, I'm actually more "bearish" than you now <g>. I'm sticking with this from a few weeks ago...it just took longer to get that 1975 area, and now it's coming down quicker...I thought it would be the opposite, faster up to 1975, slower down to 1875. Doesn't matter to me, it has taken a few weeks, and should be over soon...honestly, I think we could churn with bits of up, and bits of down for a little longer before getting that 1875 area. Or we could do it next week <ggg>...who knows. Then after that, we can finally head towards the jan highs.
Now go listen to some Metallica and relax <g>...I'll be listening to Tool myself.
Posted by: mjk
In reply to: Steve who wrote msg# 17797
Date:9/16/2004 11:33:40 AM
Post #of 19135
Yep nice call. But this is where the two paths should start to diverge. Within the next several days, if we take out the week's highs and 1450 (by about tues-weds we'd be peaking between 1475-1500), the pullback will be relatively shallow...actually I'm expecting about 1975->1875 (ignoring slight overshoots) on the Nas, so whatever the equivalent in ndx points is. So shallow in the sense that we'll go higher, and pullback less...and take about 3 weeks to complete.
So it's decision time right here IMO...I'm still betting this is the start of the next bull phase that takes us to 2350-2400 in Jan-Feb.
AI
