Thursday, February 16, 2006

Elliot Wave Analysis of Nasdaq

This is my interpretation of the Elliot Wave Analysis of the Nasdaq. The chart above is a 4 year chart of the nasdaq. The numbers denote the wave sequence. The brackets beside the numbers indicate the future values of the nasdaq. Although elliot wave was one of the first things I learned about the markets, I haven't done it for a while because of the arbitrary nature of the theory. However, I still like to use it once in a while to get a "clear" picture of the future (especially when I am confused), as elliot wave is the only theory that looks into the future.

According to my interpretation, the nasdaq will make its way towards 3000. Whether this will actually happen is beyond me. But I do like the market action of late; I believe the markets are oversold, and it will go up, even if it is a dead cat bounce. As a result, today, I bought calls in AMD, GOOG and CNQ. (Please note that I may exit and sell these positions without warning, so trade at your own risk).


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Elliot wave was very popular back in the 1980'S.

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