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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 694.07

+0.7%

Jan 9 4:00 PM EST

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To: bobby beara who wrote (77761)	6/2/2001 2:59:07 PM
From: Justa Werkenstiff	Read Replies (1) of 99985

Bobby: Looks like MSFT is in a corrective flat pattern in Elliot terms. I think the MSFT break is important for the market. Must lean a bit toward the break down as everybody is playing the anticipated good news and the general market. Cramer put it all in an article and sold it to the masses. Buy those calls!!! But even with alll the hoopla, there is a good chance that this one could throw a surprise on the upside for another wave up to assist the NDX. It did not trade below $68 on this last market trip down and held up well. mrci.com Re: "I still have as a strong wave count that wave three in nas bottomed in april, and this rally is wave 4 and we should make new lows below in nas that should be followed by a boffo rally, rydex #'s have not capitulated much during this sell-off, which shows some complacency and summation indexes on both nas and nyse are turning down off high #s, which means that at minimum we should have a sideways choppy market." Thanks. Where does your count begin and could you give us where you see waves 1-4 and what type of pattern you have identified? When do you see us going into the wave 5 that I assume will bring us to new lows in your opinion. I smell the start of a 5 here. You know, I am learning this Elliot Wave stuff and I know just enough to be dangerous now <g>. On a fundamental and historical basis, new lows are quite possible. The article on the chip makers from the Street Com you posted is spot on and is illustrative of the need to go to the lows again to see what shakes out. Sox has not firmly found a bottom IMO and, therefore, neither has the Nasdaq.

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