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Playing the NDX like a fiddle
Mon, May 26 2008, 10:48 GMT
by Joseph Russo
Before we illustrate our total command over the NDX of late, we wish to provide you with a brief update to our previous week’s assessment of the Dow Transportation Average.
In brief, the update of the hourly Transportation average below exemplifies precisely how dynamic Elliott Wave architecture adjusts in accordance with real-time price action.
The hourly chart from a week ago noted prospects for an ending pattern to chop the Transports higher amid a suggested slowing in the rate of advance.
However, the fever-pitch reversal-high last Monday, and the pursuant downside carnage breaching the 5250 level by weeks-end - violated conformity to that ending pattern, forcing immediate adjustments to the unfolding wave count, and setting the stage for monitoring critical support above the 4800 mark.
All told, the wave structures (and alternate 3-wave peak) outlined below, reflect our latest assessment of the advance off the January lows.
Published on Mon, May 26 2008, 10:53 GMT
Archive
- Definitive Guide to Trading
Published On Mon, Sep 15 2008, 08:47 GMT - Strategic Command and Control
Published On Mon, Jun 2 2008, 07:24 GMT - Playing the NDX like a fiddle
Published On Mon, May 26 2008, 10:48 GMT - Transports hitting all-time highs
Published On Mon, May 19 2008, 10:17 GMT - Spring break-down
Published On Mon, May 12 2008, 10:47 GMT
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