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MISC. Technical or Pattern Analysis
for the
Nasdaq Composite Index (CMXP)
12/15/06 post
WHILE we continue to believe in the scenario
where all U.S. indexes will continue to overcome that "wall of worry" and
fight ever higher into early 2007, based the three CMPX charts below, a daily
and weekly Gann Swing Chart and Point-Figure chart that we have placed some
"what -if" Elliott Wave counts on, there is also "see" the lesser possibility
that this rally up from the summer of 2006 low has already finished and is
rolling over for the big drop...now.
Eventhough that "roll over" is a clear and present danger to the
BULLS, I fine it hard to believe, and I fully intend to hold my current bullish
bias AS LONG AS: 1) the rally stays within the tight up channel it has
formed, for damn sure, AND the DOW stays >12,000 as an alert mark and
then 11,950 as the pivot into "BEAR SIGN."
By the way, I checked those "possible ninth wave" measurements on
the other indexes and none of them measure high enough, YET, to were this
wave 9 would equal that assumed wave 1 up from 7/22/06 to 8/5/06.
In conclusion, I'll just say that it's "my suspicion" that this index,
and probably all others, are just starting into some kind of ugly sideways
and up "running wave four" or big "irregular flat" wave four that will propel
the final small 5th wave up when it ends. Where is the four limit you
ask? Anywhere above > DOW 12,000!
All
non-subsribers need to be aware of the fact
that the charts and analysis shown here are only a small part
of a larger process, and they are displayed here for educational
purposes only and are not a recommendation to buy or sell any security.
Descriptive comments, if any, are either
on the graphic or in the text block below it.
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COMMENTS
(IF ANY):
BOY! That wave count on
the PF chart "about" makes me want to abandon ship, BUT, for the time being
I just stay long and next to the life boats.
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For The Price-Time Review
Dr. Andrew Quiggly Ph.D.
Editor
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PriceTime LLC
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