Concerning The Major Averages Short Term Outlook

Concerning the major averages short term outlook, which has obviously been very hazy recently, it looks like SPX (S & P 500) and NDX (NASDAQ 100) probably did put in a short term Wave 2 cycle low on 2-7-08, and, probably put in a Wave 2 down cycle low on Friday 2-22 (note the large bullish inverse spike on Friday's candle) of a short term Wave 3 upcycle, see http://stockcharts.com/charts/gallery.html?%24spx for SPX, and, see http://stockcharts.com/charts/gallery.html?%24ndx for NDX.

RUT (Russell 2000) however probably just put in a short term Wave 2 cycle low on Friday 2-22, see http://stockcharts.com/charts/gallery.html?%24rut, note the large bullish inverse spike on Friday's candle.

So, I'll probably still look to day trade the major averages ultra short early on Monday (using the intraday/very short term Elliott Wave count) via QID, TWM, or SDS, and, I'll probably look to day trade the major averages ultra long via QLD, UWM, or SSO shortly after possibly day trading ultra short, since the major averages are probably in a short term Wave 3 upcycle now.

Wave A intermediate term (Cyclical Bear Market began 10-11-07 for SPX, late October 2007 for NDX, late July 2007 for RUT) cycle lows occurred on 1-23 for SPX/NDX and on 1-22 for RUT (Russell 2000), so, SPX/NDX/RUT are in a countertrend Wave B minor intermediate term upcycle.

....... http://www.JoeFRocks.com/ .

HUI NEM XAU