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Strategies & Market Trends : Technical Analysis- Indicators & Systems

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To: gonzongo who wrote (714)4/15/1997 3:32:00 PM
From: Dale Schwartzenhauer   of 3325
 
Andy: I haven't done much analysis on the NASDAQ, but I think 6100 on the Dow will look very conservative in another month. What I see as crucial is the first completed 5-wave pattern to the downside. Every other correction has been a "3", and was followed by new highs in short order. The current rally should be a 3 wave rather than a 5 wave of the past. Also, I wouldn't expect much more than a 50% recovery of recent losses from the highs.

Dale
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