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NASDAQ - 5 wave impulse completed within a 3rd wave - Targets
Started by
gemx
, Feb 15 2012 02:06 PM
1 reply to this topic
#1
gemx
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- Traders-Talk User
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#2
CRUISENAL
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- Traders-Talk User
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Posted 15 February 2012 - 03:13 PM
Wave 4 down should end at around 2880. Or possibly 2765 if 2880 is taken out. COMPQ rallies out of the 2880 low to a higher high in Wave 5, UNLESS 2765 is taken out in Wave 4, and in that case, the odds of a truncated Wave 5 goes up allot! That is, IF we hit the Wave 3 high today.
So unless your extremely good at picking a top, the Wave counts will not be known until after the top is put in for Wave 3.
I see the Wave 4 dip coming and the Wave 5 as well and I would not Short this 4th Wave down as it may be a shallow 23.6% retrace. I will be Long QLD on a dip at 99 IF the Stochastic is oversold. I use the short term 5,5 so when It gets below 50 I will be watching closely how it reacts. If it doesn't turn up, the odds favor a 38.2% retrace, but I expect a 23.6% retrace to QLD 99 and then a run up to 113-115.
So unless your extremely good at picking a top, the Wave counts will not be known until after the top is put in for Wave 3.
I see the Wave 4 dip coming and the Wave 5 as well and I would not Short this 4th Wave down as it may be a shallow 23.6% retrace. I will be Long QLD on a dip at 99 IF the Stochastic is oversold. I use the short term 5,5 so when It gets below 50 I will be watching closely how it reacts. If it doesn't turn up, the odds favor a 38.2% retrace, but I expect a 23.6% retrace to QLD 99 and then a run up to 113-115.
