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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

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4:00 PM EST

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To: Stcgg who wrote (57594)	8/1/2000 11:36:11 PM
From: John T.	Read Replies (2) of 99985

Elliott Wave Count on Nasdaq Composite Here's a chart showing Prechter's wave count on the Nasdaq Composite: home.swbell.net Prechter's wave count is slightly different from yours, but it agrees with your count in that we just finished wave 1 of wave (3) down. Under Elliott Wave principles, wave 3 is never the shortest wave in an impulse. Assuming that the low on 7/31 was the bottom of wave 1 of wave (3) down, then wave 1 declined 673.27 points. Therefore, wave 3 of wave (3) down must fall by at least 673.27 points. At this time, we don't know when the present ABC correction will be completed. However, assuming that wave 3 of (3) down begins at 3750, then the bottom of wave 3 of (3) would be at about 3076.73. The May, 2000 low was at 3042.66. This is a minimum target for wave 3 of (3).

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