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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.04

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Nov 13 4:00 PM EST

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To: Stcgg who wrote (47619)	4/21/2000 7:57:00 PM
From: Square_Dealings	Read Replies (2) of 99985

re: WHICH WAY DO WE GO - The Trillion Dollar Question.. I agree with your observations but would add the following: I like to use several TA methods and find the best results when you get two or more methods that give you about the same answer. Combining elliot wave, fibonacci and modern technical analysis to look for clues. From my perspective we can still go to 2792 on the Naz and be a "normal" although sharp correction of a huge bull market. That would be a 62% fib retracement from the Oct. 98 lows to the recent high 5132. So far we are holding the 50% retrace level which is 3245. I can easily see the market sentiment getting bad enough to drop below the 3245 level near term but for me the magic number to hold from a long term perspective is 2792. From my understanding of wave theory in a 3 wave correction isnt the rule of thumb that wave A = wave C magnitude? If wave A was 5078-3652 = 1426 and wave C turns out to be down to 2792 then wave C 4188-2792 =1396 so its close to wave A = wave C What do you think about this possibility? Mike

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