Saturday, April 19, 2008

$NDX Update for 04.19.2008


Monthlychart shows January low holding as support. Look for retracement of the last leg down.

Weekly chart shows possible 5 waves down into the January low. More buying evident with last week's trading activity. IF we have 5 waves down, THEN look for abc 3 wave retracement of the whole move.

Daily chart shows enthusiasm of bulls who gapped up Friday's open. Friday's trading range is not as large as expected. The waves look corrective in nature so far. Will we see profit-taking early next week?

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