crush had some very good comments and observations regarding the NDX and suggested I take a look. I don't recall ever doing a long (multiple decade) count of the NDX (I have of the SPX, the Dow, the NIKKEI, Gold, the US Dollar and a few others). I think based on the strength of the move now, I think a retrace to the 50% level (after a pullback, we are quite overbought on a daily chart) might not be unreasonable. If this count is correct, there would be a decent amount of wave proportionality (or as much as can be expected in a highly corrective and volatile market) and would hit a Fib retrace at some solid resistance.
Worth pondering at any rate.
And yes, I am still firmly in the "no new
secular bull market here" camp.
