Breakout of Y2k Madness in the Jungle ~ The Risk Averse Alert

Tuesday, August 06, 2013

Breakout of Y2k Madness in the Jungle

Really? The so-called mouthpiece of the Federal Reserve—the Washington Post—is being sold to the darling of the Pump and Dump, Oh yeah, it's Y2k madness, alright, Confetti style.

Shall we consider another Pump and Dump possibility, then, whose Composite Index's 3600 and change today probably is better seen even more wildly mispriced—overbought—than when it printed a shade over 5000, early Y2k...

Here we're toying with prospect an Elliott "rising wedge" is forming wave (c) up from mid-November 2012, this slated to complete NASDAQ's counter-trend rally off March '09 bottom.

Let's see how soon May's wave 1 peak is taken out, how ever slightly. It might not happen during formation of wave b of 3. and occur only when wave 4 of (c) forms.

One thing fitting here is prospect NASDAQ's Composite Index continues hugging its upside resistance at the rising trend line it broke below in 2008, The same happened in 2011 in the lead up to August's swoon. A prospective "rising wedge" forming wave (c) and completing NASDAQ's counter-trend rally off March '09 bottom would set up nicely for a decline dwarfing agita so far suffered gorging on Confetti.

Word on the Street
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