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To: velociraptor_ who wrote (7625)	2/6/2003 1:21:56 AM
From: mishedlo	Read Replies (1) of 10157

From Brian I looked to see what EWI saw in today's market, and they saw the same thing I did while looking at this afternoon's slide - 5 waves down from the top. Not only were there 5 waves, but they were all formed with nice sub-divisions. The day ended in a correction of the noon high - which may have a little more to go: tinyurl.com The S&P has failed to take out to top of that ending diagonal on monday, and now has traced out 5 waves down. EWI thinks the deed is done. After looking at the futures tonight, and looking for any other possible counts, I also think the deed is done. The last major Fibonacci retracement is at 839. If we get below that in the next few days (or tomorrow), there will be very little room for any other EW count that doesn't involve a new low below the October low. A move above 865 will be another story. The S&P is really at the edge of a cliff here. I think it's now or never for any meaningful rally. The EW count from today's highs makes it look like we're going down from here. You can see the larger count on the chart list: stockcharts.com Look especially at the 6-month daily chart. All the Best, Brian

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