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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: bobby beara who wrote (25378)7/13/2000 12:20:32 AM
From: John T.  Read Replies (1) of 42787
 
Bobby, I believe I see the 5 wave pattern that you are talking about:

home.swbell.net

I noted the waves in red numbers.

Assuming a 3rd wave extension (where wave 3 is the longest) and that wave 5 is equal to wave 1, then that gives the SPX an upside target of 1506. That's roughly equivalent to the upside target of the inverse head and shoulders pattern.

Of course, this could just be the top of an extended Wave 1 in a five wave pattern. <GG> After the market, finally breaks and everything is apparent we'll re-draw our Elliott waves and say that it was an "alternate count."

I agree that things look like this rally is topping out. On the daily and 60-minute charts most Indexes look very overbought. I considered buying OEX puts this afternoon, but I didn't.

Bobby, here's one bullish indicator: the 21-day simple moving average of the Equity Only Put/Call Ratio peaked on July 6 and turned down sharply.

Let's see what happens tomorrow. Have a good night.
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