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Strategies & Market Trends : Waiting for the big Kahuna
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To: Bull RidaH who wrote (47501)5/19/2000 2:19:00 AM
From: Death Sphincter  Read Replies (1) of 94695
 
David...NDX,SPX,DOW all in this game.....each with the possible 5 wave 'C'. NDX with the diagonal and both SP/DOW
with conventional. NDX is rather sloppy but still fits.
SP/DOW both have 1&3 virtually identical in length. For SP to stay in the game it must not penetrate below that 1435 area....and DOW 10677 area.....and NDX 3380 area.
Watch these closely. A hold there is a short term buy for me with a stop immediately placed after a bounce begins.

A penetration into those areas of SP/DOW says the 3 legs up off the low of 5/10 was an ABC for these guys and the identical lengths of A&C (viewed as 1&3 now)supports that.

Now if that happens then it portrays another wave in a complex triangle formation, befitting of the indecision at hand. OR
OR: looking at NDX, if not a diagonal "C"....then ABC down to 5/10 low was the beginning of a 5 wave diagonal DOWN...with the up wave from 5/10 being abc stopping smack into the 'B'of the previous ABC down to 5/10 low and this is a classic signature of ending diagonals, relatively symetrical and the counterdirectional wave goes back into the area of the "B" of the previous 3 legged wave.

I like it right here, I think we have some good 'either/or'
with good violation/confirmation targets. For now I hold a few June index option puts but tomorrow I should warm up the Field account.

There's always tomorrow
Stains
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