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Strategies & Market Trends : Classic TA Workplace

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To: JRI who wrote (682)	4/23/2001 9:09:50 PM
From: Perspective	Read Replies (4) of 209892

I'm counting Friday as 1 and 2, with today the 3 and 4. Can't post graphics from here, but I will later. If we gap down over the support line for the rally, I'd count that as 5, and an excellent point to take some profits. My preferred terminus for the first downleg of this correction continues to be Naz 2000; I think they'll try to defend the gap, and defend the psychological threshold. If I get Naz 2000, I'll be taking profits. As soon as I identify three waves back up, I'll re-enter a moderate short position for the real retest, which I think has a high probability of finding support in that upper 1800s congestion, which will also make a fairly neat looking H&S bottom. I need to double-check my Elliot rulebook, but another possibility might be that this "B" retest of the lows could unfold as 3-3-5; I don't think anything says it has to come as 5-3-5. So if it wants to hold the support line, we may be in for a day's worth of up here; this downleg could already be done. Will update later. BC

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