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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 695.17+0.2%Jan 12 4:00 PM EST
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To: AllansAlias who wrote (47081)4/18/2000 4:43:00 AM
From: TheKelster   of 99985
 
Stairway to heaven?

Going over charts back to 1950, I see no "crash" that resolved this way. We wiped out Dec99 gains only. Maybe this is a "new era/economy" correction and is as good as they get (vbg).

Or maybe this crash is so big, it cannot be accomplished in one nice 5 wave package. When I look at a channel starting all the way back in 88, I see that the "crash" so far has only brought us back to just outside the upper limit. It's no crash at all. It's not even a correction. It's not even a normal move from the top of a channel to the bottom of a channel. It sure never came out the bottom to work sideways, make a head and shoulders pattern, then actually breakdown into a real market crash.

All it is so far is a high flying stock that was so out of hand getting back to a point still short of reality jerked everyone's chain. It took a 20-30% write down to get us back, still short of the top of the channel! No way that can be labeled a correction or a crash. At best it's a mild pull-back. If there is to be a correction or crash, the pain we felt so far is just the prick of the needle the dentist uses to inject novocaine. After we have all been lulled into a numbness, in a day or a week, then the drilling will begin. At that time we will begin to wonder if the dentist is drilling out a cavity, or, will this be a full blown root canal?

and they're buying a stairway to heaven.
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