Sunday, April 06, 2008

$NDX Update for 04.06.2008


Monthly chart shows that the October 2002 low was made 31 months from the high made in March 2000. The 31 months translates into 124 months (123 just happens to be a Lucas number). The move up off the October 2002 low ended 60 months later, which just happens to be 5 years (5 is a fibonacci number). Current support was found 5 months off the October 2007 high.

Weekly chart shows current support was made 7 weeks from the high made the first week of February 2008 (the number 7 is a Lucas number).

Daily chart shows that Friday is the 13th day up off the low made on March 17, 2008. There is a possible 5 waves up into Friday's high, which also happens to be right at a .382 fib retracement level. Since there is a confluence of factors indicating a possible short term top, I would be hesitant in looking for longs unless there is a pullback of some sort.

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