Ravinasa - I myself do not do e-wave. I think you know Pokersam from the T/A ETF & Index site. He is the expert on E-wave, he doesn't like doing e-wave on the NASDAQ, he believes that the S&P is the most reliable index to follow. I agree.
I myself use trend lines, MACD, RSI, CCI and historical data that I maintain on a spreadsheet. I always check his forecast and see how it matches mine. We are normally in agreement with the direction, time frames and targets are usually a bit off.
As for my opinion on todays close. Mr Paulson must have been reading my charts and figured he had to get the market up so that QLD could hit my upper trend line before the 23rd trading day. Well it did just that, it hit the upper trend line at 67 on the 19th trading day. This government intervention in the markets I'm sure has caused some disruption in T/A and e-wave analysis. I would expect that the rally today was under false pretenses. It's like playing baseball and you changed the rule to say no strike outs (short selling) are allowed, so every batter will have a better chance of hitting the ball out of the park or atleast getting on base. I expect when the short selling returns that it won't be a pretty site and the markets will eventually correct themselves to where they should have been, SPX 1100, then 940, then 720. Then the Bull Market can get underway around the end of 2009.
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