Yeah, it's pretty hard to ignore, like a sledge hammer to the solar plexus. It looks like 1453 is the real killer in that band. None of the other levels lasted very long today. Last time I checked things like the TRINQ, the arms index on QQQ only, and the McO, this rally was still running on all cylinders with not much bearishness on anything but some 5min indicators. That could be bearish in and of itself, but based on EW only, I would expect a move of 140-225 NDX points off of Tuesday's low. I should get to work on a new alternate wave count (bearish)this weekend, as the old one is now fairly trashed or at least in need of serious revision.
Of course, you know how bearish I am overall. This move up actually adds fuel to my overall downward spiral theory. For anyone who hasn't seen this already, here it is: The 2000-02 decline was only the A down, or even only the 1 of A down (now that's bearish). This move up from Oct 2002 is a 5-wave A of an A-B-C correction up in the wave B or wave 2 place of the overall correction down. After this wave ends, though, we will have another 2 year bear market to correct this wave up. That will bottom us in 2006-07 and then we will make another 5-wave move, the C, which I expect to end at a top in 2010, coincident with the Benner-Fibonacci cycle. (Through all of this I expect international stocks to outperform US stocks.) That's where the MOAS goes on because it will be either the wave C of the overall correction, or the 3 of A. Either way, it will be one big move down to lower lows than we had in 2002 (might have to adjust for inflation) and the bombs will probably fall before I get a chance to cover.<g> So I guess I would say, short term bullish, long term bearish or apocalyptic bearish.
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