simple guy Posted April 6, 2003 Report Posted April 6, 2003 This is how I see it roughly playing out near term, for wave 3 upward move imminent on QQQ 26.97 top of 1 of 3 (off 25.97 wave 2 terminal low) 26.57 2 of 3 28.28 3 of 3 27.67 4 of 3 28.67 5 of 3 give or take some pennies.... If you are not long, you cant get long at 26.57 ish pullback, exit out as we run up into the 28.28 area... to be safe. Thats my plan... Then a 4th wave corrective, probably a triangle of some type, probably down to about 27.64 or so.... a .382 retrace of 3 THen a final push up to complete the C wave me thinks... C wave high 29.30, or 29.76... if those are surpassed... then 31.40 minimal.... which is about 138% of wave 3 move... an extended 5th wave....and exact 50% retrace of the 3rd wave ending on Oct 9.... Hope that helps... Im on crack, ignore me...
simple guy Posted April 6, 2003 Author Report Posted April 6, 2003 SPY and DIA larger view targets DIA tops around 89.50 near term... Drops to about 66 DIA SPY, tops at 930 max Drops to 630 ish...possibly 620 The best Shorting opp near term is coming up on the SP500 IMO, not nec the NAS... yet... Cheers SG
crooked_analyst Posted April 6, 2003 Report Posted April 6, 2003 SG... Interestingly enough, several thousands of QQQ's April 31 calls were purchased late last month....looks like it it possibly coincides with your call. That being said, I can't help but wonder if "programmed trading" works under the same premise as E waves. Rather than a measurement of "Social Mood", is it possible that the robots are programmed to the Fib numbers and the "hysterical retrace" is hit because of the social mood of missing out?
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