The NDX declined steadily since Monday’s “closing” HIGH of 1508.37 to today’s inter-day LOW of 1475.62. The very short-term wave structure of this DECLINE since Monday is a bit ambiguous. In other words, there are two possible short-term wave counts. Each , however, calls for the markets to “open” HIGHER in the morning; which is consistent with the futures moving HIGHER after today’s close because of YAHOO’s earnings. Incidentally YAHOO’s chart pattern is set-up for an “exhaustion GAP” opening to roughly the $52.00 level, to complete a Wave (v) since its March LOWS, followed by a SHARP decline. Otherwise know as “GAP and CRAP”.
If the decline since Monday’s closing HIGH at 1508.37 to today’s inter-day LOW of 1475.62 in the NDX is a small degree Impulse, then the NDX will open HIGHER to 1496 as it completes wave-c of a smaller degree a-b-c correction. Then the NDX will continue its decline.
If the decline since Monday’s closing HIGH at 1508.37 to today’s inter-day LOW of 1475.62 in the NDX is a small degree (a)-(b)-(c), then the NDX will move up to the yet unfulfilled (.786) retracement level of 1518.91, before reversing to the downside.
Thursday has the makings for a very volatile day. So am STILL waiting until one of two possible outcomes emerges:
1) Upon a NDX move above 1560, I will take a position in the Rydex Velocity (RYVYX) Fund.
2) Upon a NDX move below 1430, I will take a position in the Rydex Venture (RYVNX) Fund.”
Currently, I have a CASH position since 04/02/04 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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