ShepWave Regular Scheduled Update for Thursday Published. Dow Industrials Rally Over? Nadsaq, QQQQ, S&P 500 index. Elliott Wave Theory.
by ShepWave.com
Posted: 7/25/2007 16:11 EST
Interesting day today in the markets. In tonight's regular scheduled update for Thursday Morning I emphasize what we are looking for to either confirm or negate the continuation of the rally. Several weeks ago ShepWave showed the Fibonacci Extension Targets for the Dow Industrials of 14,051 and 14,755. The index came close enough to 14,051 to possibly signal the end of at least the rally from March lows. The final verdict is still out on whether 14,755 will get hit or not. Also the Nasdaq Composite index has corrected a minumum Fibonacci Retracement of 38.2% from its all time high hit in 2000. Is the Rally over? I show key targets and areas to watch for direction in tonight's update.
Go to http://www.shepwave.com/ for today's ShepWave Update.
I think it is safe to say that volatility is back. Talking heads are talking about a 10% correction. If the recent support lines are broken we could be in for a 30% correction in the Dow. Please read updates closely and look for the targets. Use objective disciplined methods of trading/investing.
Dow Industrials, QQQQ
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| Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA. |
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