| NASDAQ Retracements SMH Downtrendline Break |
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| Wednesday, March 1, 2006 |
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Morning Update - COMPQ, & SMH
NASDAQ Intraday update (COMPQ)- Daily
On the daily chart you can see that the COMPQ has broken out of the symmetrical triangle pattern to the upside. I want to go over this chart to discuss retracements. As you know Elliot wave, is good for determining the difference between an impulse and a correction. The only way to determine that, is by looking at the retracement levels. The clue that the COMPQ is heading higher is due to the COMPQ crossing the 72% retracement mark at 2303.31. Once the COMPQ retraced down to C and then back up to the 72% retracement level this action then turned the move into a corrective move.
Semiconductor Holders ETF (SMH) - Daily chart
The SMH 60 minute chart shows that it is trying to break the downtrend line. This should add some bullish momentum to the market.
THIS UPDATE IS ONLY ON 2 KEY POINTS..........MORE UPDATES TO FOLLOW
TARGETS ON NASDAQ, DOW, SP500 AND EVERY OTHER INDEX COVERED OVER THE PAST COUPLE DAYS REMAIN THE SAME "MUCH HIGHER"
NASDAQ---RETRACEMENTS AND BACK TESTS
NASDAQ---RETRACEMENTS AND BACK TESTS
SMH--DOWNTREND LINE BREAKS
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