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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (3986)	6/1/2001 12:10:39 PM
From: Perspective	of 209892

The turn will definitely be a LOW, and it will come on Monday or early Tuesday. I say again - cycle work is based on SPX. Have a look at SPX 15min. We could have just started c of 4 up, or we could be in 2 of 5 down. The c of 4 would likely target 1262 or 1272 (c=a or c=1.618*a). If it is c of 4, it has until the close to wrap up. Then we spend all day Monday doing 1-2-3-4 of the 5, and probably set the low with 5 of 5 gap down on Tuesday. Note that wave 1 occupied a little more than 1 day, so this would make 1 and 5 roughly equivalent. Given that this market is having a REAL tough time piecing together anything resembling impulsive up, and given it's ability to ignore all the historical tendencies (couldn't rally before holiday, struggling at month's end/beginning, struggling on a Friday), and given the TA structure on Smelly that will probably keep it from contributing to anything like that kind of run for the rest of the day, I favor the count that says we've already launched wave 5 down. I'd call it 4 of 1 of 5 on SPX, but that's just me. That oughta help you get your 3 of c of 4 going! <g> BC

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