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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: Haim R. Branisteanu who wrote (21219)	7/27/1999 7:49:00 PM
From: bobby beara	Read Replies (2) of 99985

Haim, did you get the updated OEX chart i sent you on Sunday - anyway i had updated the below chart with a possible elliot wave count that would allow for a new high. bway.net timely.com This possible count is as follows, the late may - early june rally was wave 1, wave three was the rally off that correction in mid june and ended on 7/19, the retest of the breakout was wave 4 and we could rally from here for the test of the highs. The selling ran out of steam yesterday on one of the lowest volume days of the year and the buying was on good volume today, however the breadth was stinky for such a rebound, we could be attempting to rally to a double top with the oscillator in negative territory, such as happened on the 1/29 top, setting up a bearish divergence. I think there will be stiff resistance at the baseline of the little eve - adam top that we fell out of last week. There is also that pesky gap to fill. bwdik

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