If you've followed my posts here on TT, you know that other than missing this last low by 6 pts, my forecasts and turn projections have been on the mark. You can verify that information in my blog, link below. Now to me, we're in a sideways consolidation move. There are two possible outcomes - 2251 or 2618. We are in the middle of those numbers now, If you read far enough in my blog you'll understand how I derived those targets. Typically - February monthly candles are a pullback on lighter volume. If in fact February does end up higher on the monthly, we're set for a megatop in March, which would more than likely turn into a down month on volume. Really and truly, if you are bullish long term on Nasdaq, you do not want to see a new high on the monthly on light volume, because that could mark a I.T. top. I'm not looking for the End of the World here, I'm talking about a pullback/consolidation to test that important 2438 volume low before we either test 2394 (bullish spring setup on light volume) or move sideways into March.
Edited by SemiBizz, 15 February 2007 - 11:17 PM.