dieselfuel, I like many also think we may be stuck in a range for a while. I think the 1700's for the Nas will come after a small bounce back towards the middle bb, and could happen anywhere from 1-2.5 weeks. Then I think we get a strong bounce back towards the highs. Looking at the weekly, two weeks ago we hit the Dow 200sma (now at 9780) and peaked above it 9850, this week we got a nice red candle after touching it once more...very similar to the first approach to the Dow 200ema. I didn't think we could blow right thru this and go to 10,000 and posted as such 2 weeks ago. It took about 10 weeks and about a 500-600 point Dow range before we broke thru the 200ema. I expect something similar will happen this time with the 200sma, though not necessarily that long but possible...and we've already pulled back 350 points from the Dow peak at 9850. So I don't expect a ton more down, I really just think we'll go get the weekly 20ema (at 9319 as of now) and that we'll break it for a week or so (possibly touch the 200ema once more from above, now at 9245) and come right back up thru it from below. I also think we'll get the Comp 20ema on the weekly, now at 1767, and do the same thing, break it and come right back up thru it. Once we get weekly closes above the Dow 200sma, and the Nas 200ema, and everything trend wise is lined up, I think we'll head to the Nas 200sma at 2280, and that could be in another 8 weeks or so that we start that move. But I obviously think the next low we get somewhere in the 1700's for the Nas (this next high will help with a downside target), and near Dow 9300, will be a nice buying opp for that move. I had still thought the Nas could approach the 1700-20 area, but the bounce at 1840 yesterday makes me think it may be limited to the 1750-80 area...I'll just be watching other things as we approach for signs of a bottom.
This is all JMO of course and obviously I may be way off.
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