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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Nathan who wrote (50645)12/22/2000 10:37:53 AM
From: pater tenebrarum  Read Replies (3) of 436258
 
that's what it means...i have a nagging suspicion though that today may actually be the high point of the current c wave. that's based on the fact that put/call ratios are collapsing, while the VIX stays firm. if that is correct, we could open lower on Tuesday and have a huge wave 5 downdraft start from there.

what argues for this scenario is also that the SnP is now kissing its Nov. 30 low from below, and that should be formidable resistance. also, in view of the upcoming holidays, i expect a barrage of warnings tonight...in the hope they'll be ignored.

if however we continue to rise into Tuesday/Wednesday then that should represent the cycle high.

note btw. that in the entire decline sequence since September, the fifth waves are the biggest ones...they always extend, while the first and third waves are approximately of the same size (minimum requirement for third waves...). this has been true again in the most recent downdraft.
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