5 replies to this topic

[SemiBizz]

http://bigcharts.mar...&mocktick=1.gif



Well folks, we're going to know something here pretty shortly. No, that is not an error in the chart. You are looking at the monumental trading day of 1/3/01. High 2618 Low 2251... that's right - 367 pts. That was the day Alan G and the boyz had to give it up a full percentage point. We have spent a large period of time over the last 6+ years rationalizing what happened on that day - at the time the highest volume day in Nasdaq History. So what we have here is the highest volume day with the largest range in history. Now for those of you who have read my posts, I have repeated this theme over and over, but now we're right there, aren't we? 26 pts away, What do you think the chances are that this 2618 is now going to be tested? I'd say very high.



Given the fact we've had numerous price rejections on the way all the way up from 2251, I"d expect that to happen when we test this high. If you read my post tonight on the SPX, it is perfectly in harmony with what we could expect there as well. Now I could be all wrong here and we just blow right through these numbers and proceed higher, but that's not what the technicals are saying to me. Write that number down 2618. I believe we're going to experience some severe turbulence there.

[skott]

sorry, I'm missing your point..... especially about the numerous price rejections. I do think it is pertinent that we are reaching 38% fib resistance of the entire decline from the 2000 highs. that level is 2624.

[relax]

sorry, I'm missing your point..... especially about the numerous price rejections. I do think it is pertinent that we are reaching 38% fib resistance of the entire decline from the 2000 highs. that level is 2624.

for me that level is 2.645

and then we have 1.618 of the February 2007 move down, which gives a projection of 2.654

Edited by relax_dk, 31 May 2007 - 02:57 AM.

[SemiBizz]

2618 here we come... QID makes a new low on light volume... It's all looking GOOOOOOOD !!

[SemiBizz]

We're burning up a lot of energy here on Nasdaq and the Qs just to close the opening gap....

[skott]

well, my number was exceeded by 2 pts ........ the high so far is 2626