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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject1/22/2001 6:35:20 PM
From: Stcgg  Read Replies (1) of 436258
 
Elliott Wave Summary -

"..The Dow, OEX and NASDAQ were down marginally, while everything else was up marginally. We've been discussing the A-B-C countertrend rallies in the S&P and NASDAQ from the December 21 and January 3 lows, respectively. In the Dow, we published a chart on Friday showing a similar three wave rally from the December 21 low (10299) to the January 4 high (11028), though we weren't sure how this exactly fits into the larger picture. Regardless, three waves unfold against the one larger trend, so three up indicates the one larger trend is down. Thus, all three major indexes should retrace their entire rallies, which means they should fall back below their December 21 and January 3 and 4 lows, respectively. The only uncertainty is whether the market holds up into the Fibonacci turn window (now only one trading day away), or if prices fall hard right now and bottom toward the end of the turn. Tomorrow's session will provide the answer.."

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