Below there's a weekly chart of Nasdaq Composite which shows:

• Clear reversing in the beginning of 2003 in the form of double-bottom
• Strong Wave3 during 2003-2004 which resulted in ABC correction and forming Wave4
• Wave4 retracement is about 0.382 of the length of Wave3 which shows that reversal trend is quite STRONG
• During Wave5 we expect to make new highs at around 2300-2400 by Feb-March 2005. But before we can experience pockets of resistance at around 2130-2150, which can lead to a healthy correction to the red trend line (1950 - 2000 range).

Conclusion: Buying during healthy correction might be a good trading strategy in Nasdaq stocks until we have a clear top. Unlike Mrs. Snow, Greenspan and re-elected Bush, who verbally continue to sing about strong dollar, we do not think that a stock market rally can continue any reasonable period of time if USD continues its fall against Euro, Yen and other currencies.