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Strategies & Market Trends : Classic TA Workplace

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To: gem-x who wrote (6478)	7/7/2001 9:15:05 PM
From: Shack	Read Replies (1) of 209892

Wow gem-x, I didn't think there were any of you left!-g So you contend that the Nasdaq move off 5000 to 1600 is a complete a-b-c correction and now we are launching to new highs? Well, at least you are providing support. What is the wave you feel the plunge from 5000 has corrected? The 1990 rise from 323? I'm not in agreement with you but unlike most, I wouldn't say it is not possible. If the COMP can get back above its 1990 trendline, I may join you. My preferred (and I think most others here) has us still in a 'B' of 4 (This 4 obviously began off the 1610 low), awaiting the 5th wave down later this summer. That is the bear scenario obviously. Many here also think a rally is coming pretty soon when the 'C' of 4 kicks off (your '3' of '1'). So we really won't know which one of us is correct (if either) until that 'C' or '3' is done. Bears then have us going to new lows, you and the bulls would then have a 4 of '1' starting which would likely be quite flat given how sharp your '2' has been. The biggest support for your count is that absolutely NO ONE is looking for it.

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