NASDAQ LONG ABC DOWN
A2508
B2422
C1-2454 (.382)
C2-2465 (.50)
C3-2475 (.618)
We've stopped short of a .50 retracement. I suspect we may see that 2465 though before the day is out. Now we're still going back up on substantially less volume that we went down on, which is confirmation that the ABC down is still in effect. However, note that there is some quality of volume reflected in the fact that the volume is stronger going up today than it was yesterday. I don' think we're going to test the highs now without a trip back to that all-important 2454.
http://bigcharts.mar...&mocktick=1.gif
Nasdaq Composite Situation Update
Started by
SemiBizz
, Jan 24 2007 12:20 PM
4 replies to this topic
#1
SemiBizz
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- Traders-Talk User
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Volume Dynamics Specialist
Posted 24 January 2007 - 12:20 PM
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#2
SemiBizz
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- Traders-Talk User
- 23,208 posts
Volume Dynamics Specialist
Posted 24 January 2007 - 12:39 PM
Intraday Volume Spiking...
180 Min Nasdaq chart now points to 2475 test... quite often once the .618 retracement is reached a full 1.0 comes. Other times they just test and reverse. The volume is a tossup here, it's strong but still not quite the strength we fell down on...
Edited by SemiBizz, 24 January 2007 - 12:48 PM.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#3
redfoliage2
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- Traders-Talk User
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Member
Posted 24 January 2007 - 12:58 PM
The IT trend still up and I'm open to all possibilities: i.e. it could make a new high or it could be on a ABC waves.
Edited by redfoliage2, 24 January 2007 - 01:00 PM.
#4
SemiBizz
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- Traders-Talk User
- 23,208 posts
Volume Dynamics Specialist
Posted 24 January 2007 - 01:02 PM
Definitely a mixed signal. The 3 min trend just turned down but that can be a blip.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#5
eminimee
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- TT Member
- 14,307 posts
I don't care who's fur is flying...
Posted 24 January 2007 - 01:54 PM
Semi: out of interest....do you have anything that differentiates between a B wave bounce or a wave 2 bounce?
I have no idea at the moment but if my thoughts on OEX/SPX come to fruition....I'm thinking NDX/Compq will ABC down but this is a wave 2 bounce of a 5 wave A down.
