(Click On Chart To Enlarge)
From May 17th comments:
"The NASDAQ printed 2537.41 on Friday, just below the November 26, 2007 low of 2539.81, and right at the 2538 target."
That target was MADE at Wave 3 of a Bearish Wolfe Wave in the Hourly chart. The NASDAQ had one more rally in it after that, the Wave 5 upside Fakeout/Breakout to put players wrong-footed, then it plunged very quickly (a hallmark of a good Wolfe Wave) and reached the Wave 6 target line in late afternoon trading yesterday. Note the nice symmetry of time between Waves 1 and 3, and Waves 2 and 4.
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