John, chart formations are not 100%, i have seen broadening formations resolve to the upside. This is not 1998, at the april 1998 top all indexes were at overbought levels and at the july 1998 top there were 19% Investor Intelligence Bears and a vix in teens.
In 1998 we had an Asian crises that started in the Summer on 97 and was gaining steam to the downside.
None of these things are present now and i can see nothing in a 500 point dow rally 90% upside day that is bearish and we sure as hell didn't have one of those on the 1998 backside rally.
Prechter is emotionally tied to calling a top, he will see a top around every corner until there is one.
>>The bottom around 9750 was not confirmed by the requisite fear and panic.<<<
Look at the charts of the last leg down in the transports, drugs, banks etc., i see panic and fear in those charts, look at the a/d line since 4/99 almost straight down, there is a lot of air out of these stocks.
The "old economy" stocks are in an area of resistance, so i would expect a correction here, but no crash.
I also think that tech may have another leg up, qcom looks like it's trying to break out of it triangle to the upside, we'll know early next week.
b
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