Dow Transportation and Nasdaq 100 update
Wednesday, August 19, 2009
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Hi friends. Had to change my count for a little more bear view. The "respectable" channel was seriously violated, and for now i anticipate at least one more leg down.
Don't get fooled. Primary trend is still up so i won't recommend any kind of short positions in this market. I think 38% fibo around 62,50 may be a sweet spot to start taking long positions again.
Same goes to Nasdaq. If my wave degrees were correct we should resume the trend shortly. If not, then blue is rose and rose is yellow, meaning that we could hit the 50 or the 61,8 fibo next week.
Best to your trading
PH