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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 670.92+0.1%Nov 7 4:00 PM EST
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To: pater tenebrarum who wrote (30073)10/15/1999 10:08:00 PM
From: bobby beara  Read Replies (1) of 99985
 
Heinz the indexes put in a weekly three candle pattern going into this week known as a morning star. A lot of dipsters bought into that dip thinking that was the bottom.

This week the candle bearish engulfed that, trapped buyers, just as i posted several days ago about the failed bottoming pattern in the McCllelan Oscillator.

Talking about capitulation and McClellan's, Tom was comparing the 1997 chart to the 1987 chart big time back then, but now he is stuck on this presidential cycle now and thinks we are creating a bottom -g-

I've been looking at plenty of tech stock charts that have put in 5 wave patterns from last october and plenty of monthlies that look like five waves up from the 1987 lows. I believe the 1987 top was the top of wave 3 and we have had and extended wave 5 blow-off into 1999. Wave 5 of this top started off the 94 bear market which created a lot of negative sentiment and put buying and a nice base and plenty doubted the rise off that base including Granville, Garzarelli and Vinik which got bearish at the 96 top.

Compare the put buying activity to the last couple of years and the 94 put buying activity - no comparison.

We are in for a bear market that will rival the 30's and may be much worse.
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