Sunday, January 30, 2011

The NASDAQ - Completing a large a,b and c rally from the 2002 low ?

The NASDAQ is completing a large a,b and c rally from the 2002 low marked in blue colour. Here is a weekly chart of the NASDAQ:




















Click on the chart above to make the image bigger

The NASDAQ bear market began in 2000, and in the next year and a half the index fell 83%. Since the decline occured in a clear 5 wave structure we can define the larger long term trend as down. The index has now rallied to the Fibonacci 38.2% retracement of the 2000-2002 decline.

The above is an extract of our latest investment newsletter. See detailed Elliott Wave count for the India-Bombay stockmarket and commodities in our just published ElliottWaveTechnician January 2011 Investment Newsletter.

Geir Solem

http://www.elliottwavetechnician.blogspot.com/
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