I am going to use NDX data for the first three charts in this analysis of the QQQ stock. The patterns are essentially identical for these longer term projections.
From the March 24, 2000 high EWA3 finds a Double Zig-Zag. A slightly higher rated chart shows a Flat with a low end target in the 3500 range. This seems highly improbable.
Even with this chart (in consideration of the Impulse off the Depression lows of 1932) the projected target for the X Wave seems high. So it is important to understand that the analysis is not taking into consideration the larger, and much longer term, pattern's influence. The longer term pattern will exercise considerable pressure -- and perhaps truncate this move.
However, this chart does serve to illustrate that the immediate context of this fractal's influence points higher.
Click on the black rectangular area for a closeup of the Zig-Zag off the October 2002 lows.