Tuesday, March 18, 2014

QQQs how might they get to $94 in the next 2 weeks?

So how might QQQs get from mid 88s when I first posted this to $94.  Elliot Wave expanding ending diagonal triangle; and as the name implies, something is ending:



Green vectors are the larger expanding triangle and red are a possible similar formation.

At least one EW enthusiast is touting this solution for Wilshire 5000:

http://danericselliottwaves.blogspot.com

Fly in the ointment; Daneric has the Wilshire having already topped the 5th touch of the upper boundary of the triangle on March 7, and having dropped into the 1st wave of the new downtrend.

Entirely plausible that a broader index has topped leaving the more speculative as having a wee little more work to do.  It further supports my contention that DJI will not mark a new all time high greater than the present ATH printed on December 31, 2013, that SPX will make a very marginal new ATH, and that Nasdaq (QQQs) will make a roaring new top.  A $6 ramp up to $94 that may have begun yesterday would qualify in my book.

And should that scenario emerge, its the 2000 dot.com topping pattern redux.

Ah, but it never works out the way you plan it.  Glimpsing the intraday at the moment and DJIA is closer to making that new ATH than QQQs.  And ditto that for SPX.

Jim

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