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Nasdaq Composite Contracting Diagonal Updated

  • March 29, 2010 6:30 pm

Here is an updated Monthly on the Nasdaq.  I have added a fib retracement from the Sep 1995 start of the diagonal to the Oct 2007.   We re now sitting at the 23.6% retracement and just above the Diagonal resistance line (wave 4′s have throwovers).  After the monthly chart I’ll show you the hourly close-up.

And the close up

I’ll continue to monitor this.

Some alternative counts with some sugar

  • March 28, 2010 10:39 am

[Update at 3:41pm: I have added the 20 Month MA to the Nasdaq Composite chart, as that would be a good point for the bounce to occur. ]

One of the things that has been troubling me about the major US indices is that, although it looks like we bottomed on March 9, a lot of the Market leaders (e.g. AMZN, GS) appeared to bottom in November.  This is also true of several of the global indices.  I have been wondering if we saw an irregular bottom.  I have  tried to put some counts together to show this. 

First the Russell 2000

Now the Dow Industrials

Also I wanted to update the contracting diagonal count on the Nasdaq

And give you a close up 

And completely unrelated, some sugar

The Nasdaq – AKA the Diagonal

  • March 22, 2010 8:46 am

The diagonal – An Interesting pattern on this index, which would suggest another significant drop and then a rise to new highs.   The question is can it completely separate from the other indices?