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Strategies & Market Trends : Market CORRECTION or CRASH?
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To: Rogue French Trader who wrote (11)4/18/1997 7:39:00 PM
From: Dale Schwartzenhauer   of 22
 
The 6720 figure is about a 50% retracement of the recent decline from all-time highs, and in my estimation, will contain this advance. April 22 is a peak in a short-term time cycle; allow a couple days either way on this. You'll notice the market breadth is poor on these rallies, giving more credence to the idea that this strength is very temporary. We should peak out in the next few days followed by a dramatic reversal. Conceivably, the 5000 level, could be attained by May 5 - 6. On the surface that seems fairly unlikely, but that's the kind of level expected by the experts on this theory. The next decline is only being labelled wave (3), with a sharp rally to follow and another drop to new lows thereafter. The ultimate low in this 5-wave sequence is something like 4400 around May 22. Best regards.

Dale
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