bobby, yes ndx
on the weekly ndx, the 50 ema is about 3145? the .38 fib level is however 3322, the point where the question mark is, 3401...
i'm not good at waves either, i've looked at some work on harmonic trading lately that fits into all the wave stuff/fib stuff, so i do understand what both have proposed, yes the ? on the chart is the general area where the w4 should bounce to and things would get nasty. if wolenchuk is correct, verification would be to plow thru that area. i picked the question mark as that seems to be the point of intersection along with the white line that moves upward and to the right as a guideline to the timeframe, from which i understand should be somewhat adhered to as well, thirdly it would coincide with the .38 level retrace. so thats it, a theoritical point in the future based on downtrend line and fib price and time. both camps are calling for the bounce, don't think they really know if its a w4 yet or we go to new highs. yes, this is rather forward looking and could easily fall apart just by losing the .62 level on the weekly imo.
personally, i'll be happy if we hold the friggin 20ma on the daily! lol. the numbers to the right are the ndx values, the decimal doesn't show, xxxx.00 |
