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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.27

0.0%

Dec 26 4:00 PM EST

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To: iod_sherwood who wrote (67408)	1/21/2001 5:09:44 PM
From: Gary Burton	Read Replies (1) of 99985

Naz is NOT in a rising wedge pattern as I see it. A rising wedge is a series of 3 wave moves between the boundary lines on declining volume and usually leads to more than 100% retracement-ie new lows---I think what we have here is EITHER very near the top of Wave 3 (top Mon am?,or maybe was Fri am), of a 5 wave move where the 4 retrace goes below the 2645 top of wave 1 (as in a Leading Diagonal)--say to 2550ish-- and then 5 goes above 2841 (or whatever top we see Mon).....OR the move up from 2300 low of Jan8 (not the Jan3 low) is just wave 1 of a larger up sequence------either way, we should not drop to new lows once this current move is over early this coming week.

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