Wednesday, August 4, 2010

Who says you can't time the market?

I ran a couple fibo time extensions off the extremes of an impluse from the 1833 low in the NDX. Both 61.8 extensions came out to the same point in time as did the 100%. Price was forming what looked like a 4th wave triangle, time hit the 61.8, you see what happened. It just doesn't get any better than that for an Elliott Wave guy. Remember, corrections typically take a 38.2 to 61.8 time extension of a motive wave, complex corrections 100%. It was chirp or get off the branch for the NDX, it chirped. Since the 4th was a triangle I am expecting a nice retracement next at least back to the triangle today.

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