The Monster Bullish Gartley That Failed

After a few nasty continuations from distinct Bearish Bat patterns, the index was clearly in the midst of a historic decline. The decisive bearish continuation throughout this decline was indicating the severity of the downtrend. In fact, as early as October 2000 in my NASDAQ Composite Market Report, I discussed this technical possibility long before it was actually realized.

“If the index breaks below these lows at 3000, the NASDAQ will most likely fall quickly in crashing fashion... there is ‘nothing but air’ below this area... the overwhelming convergence of harmonic numbers is in the 2200 area. This would be an extreme target on the downside and represent a significant buying opportunity.”

(HarmonicTrader.com http://www.harmonictrader.com/members/dow/harmonic/markets/nasd1000.htm)