DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: TraderAlan who wrote (13191)	6/19/2001 8:05:16 PM
From: mcvcpa	Read Replies (1) of 18137

Alan, I read your article in Hardrightedge noting your idea that a forthcoming breakdown, etc. and how it would be consistent with a completion of the bear market. And since you mentioned Eliot Wave......I noted that the May edition of The Eliot Wave Theorist has predicted the start of a bear market to end all bear markets. Basically, it states that recent price action in the DOW confirms the that we have started the 5th down wave of a grand cycle wave that began in the dark ages.....Quoting from the edition..... "What happened to the NASDAQ and its companies from March 2000 to April 2001 is but a hint of what is coming in the rest of the market. Stocks going to zero, mass layoffs and corporations disappearing will be standard headlines from 2002 through 2004. Being unprepared will leave you vulnerable to a major disruption in your life. Being prepared will allow you to make exceptional profits in the upcoming crash. For now, you should focus on making sure you are not a victim of the depression." It references a false rally that will extend into the end of 2001 with the following characteristics: Economists will claim that the recession is over or there was no recession and that the next wave of boom has already begun or is dead ahead. The Fed will celebrate its engineering of a “soft landing,” which in actuality was simply a contraction commensurate with a fourth wave correction of Intermediate degree. The media will tell us how the public in its collective wisdom held onto its stocks for the long haul. We will hear “I told you so’s” and reiteration that the market always goes up long term. We will be reminded that the baby-boomer boom is not due to peak for another six or seven years. We probably will not have to suffer reading about a return to “momentum investing” (i.e., buying be-cause prices are rising) because wave (5) probably won’t be broad enough to support it, but if we do, it will be within days of the final high. •We will hear that people who participated in the Internet mania were dopes and that the smart ones are fully invested in blue chips and S&P index funds. • IPOs will become popular again. The “Dow 30,000+” books will be back in vogue. Several major magazine covers will feature the return of the bull market and/or the resumption of the rising economy and/or Alan Greenspan as a savior. It goes on to target both the Dow and Nasdaq in triple digits by the end of this carnage to come (2004). Prechter at his most bearish state to date.......

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