Short Term Trading Member Forum

[techcharter]

NAZ 2115 target rationale

The Naz top was 2191.60. What I'm calling the bottom is 2076.69. A fibonacci retracement of 38% puts the retracement to the 2115 - 2120 area. The elliott wave structure shows that level coincides with the retracement of wave 4 up of larger wave 1 down. For the double zigzag I suggest is advancing from 2076, wave c = wave a would wind up at the 2115-2120 level.

I won't discount the possibility of rally to new highs as M3 money supply surged in Dec '04. The market has lagged the Fed stimulus. This stimulus is actually a wave 5 following a traingle wave 4. The Federal reserve is "pushing on a string" more than ever, and is about to give up!


http://charts.barchart.com/chart.asp?sym=$NASX&data=Z15&date=010805&den=MEDHI&evnt=A...