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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject6/17/2001 3:11:50 PM
From: besttrader   of 37746
 
Naz 1840 followed by bounce, then Naz 1194. FILE THIS! -->

Jim : We got our close below 2052, so we have to lean
towards our truncated 5th wave scenario. If this continues to
play out, we look for 1950 by monday's close , a couple of
days between 1950 and 2030 then a move to 1840 before any
meaningful bounce. any breach of 1980 allows us to drop our
stop loss to 2110 from 2206/2224. Now just because we got
Thursday right doesn't mean we are right. The bulls did fumble
and the bears have the ball. what will they do with it ? we think
they will take it sub 2000 in a hurry. But what gives the bulls
control and says our truncated 5th is wrong? It is all in the stop
losses in place or as stated above. we are waiting for one more
confirmation, before we call for new lows. but that probably
won't come until the 25th of June or so. we remain bearish as
hell, because of the extreme market weakness implied by a
truncated 5th wave. BTW lower trendline channel sits at 1194
as of tomorrow's close.
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