Stockcharts is giving me lots of problems again. Very slow and cuts out. Server problems no doubt again.
Back in April http://danericselliottwaves.blogspot.com/2009/04/cycles-for-primary-2.html I posted about Primary wave 2 hourly MACD cycle predictions. When many bears were thinking it was going to break apart in the mid 800's, I tried to state that at least let a "normal" amount of cycles to play out. I was thinking 34 cycle but then I realized 34 was an even number and it could not end on 34.
I count my cycles by each time the MACD crosses over the zero line by any significance. What I find is that a major wave, such as an intermediate size or above, seems to adhere roughly to a certain Fibonnaci sequence count.
Here is the Fibonancci sequence 1,2,3,5,8,13,21,34,55,89....and so on. Just add the previous number to the next and you get the next Fib number.
So needless to say, since 34 cycles have come and gone according to my method, 55 would be the next rough "target". Note that I ignore a couple of small blips that I consider that noise. If you include at least 1 of the 2 I count over, the market has hit 55 cycles.
So if we are at 53 cycles, then one more break under the MACD would constitute Minute [iv] of C and the 55th cycle back above would be Minute [v] of C and viola the end of P2.
The other truly amazing Fibonacci confluence is 2107 on the NASDAQ. That's a .618 exact wave expansion relationship between the 2 largest waveforms in P2.
So 2107 is indeed a magical number in the NASDAQ.