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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.31

0.0%

Nov 12 4:00 PM EST

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To: pater tenebrarum who wrote (48505)	4/28/2000 10:52:00 AM
From: James Strauss	Read Replies (2) of 99985

in elliot wave terms this could be a wave 4 a-b-c type corrective bounce. if it IS a wave 4, another wave down can be expected before a good intermediate term bottom is put in. it's also possible that it becomes a more complex wave than a-b-c. Good analysis Heinz... Yesterday the 2 day MA of the Nasdaq crossed above the 5 day MA and the 200 day MA... In addition, OBV formed a nice double bottom with Relative strength rising... With over a 25% loss in Nasdaq value recently, it is safe to say that the next FED rate hike is already priced into the market... Since Greenspan doesn't want a repeat of 1987, it's highly unlikely that there will be more than a 1/4 point hike... Since all this is already known, the path of least resistance seems to be to the upside... Jim

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