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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: John Pitera who wrote (56230)1/10/2001 1:23:36 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
note that the entire NYSE price action since late Sept. '99 takes place well BELOW the initially broken up trend line. and this with trading desks BRIMMING with inventory, which was accumulated in an attempt to 'manage' the decline. my guess is that if no rally occurs that allows distribution of that inventory, it will be dumped anyway. certainly they must be close to being maxed out, just look at how NYSE member balance sheets expanded last year, by some 35%.
i see a C wave down for NYA and Dow coming too, but of a high degree, i.e. the C that is part of the primary 4. that count regards the action from the Oct. '98 low to the March '00 high as a 'B' wave, B of 4. while it traveled considerably above the preceding impulse, it's a count that makes a lot of sense to me, due to the characteristics of the wave, weak internals, excessive bullishness, etc., as well as the fact that other counts look simply tortured. there's no impulsive structure visible in the large degree.
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