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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (9479)	8/8/2001 10:09:29 PM
From: Perspective	Read Replies (1) of 209892

AA - I'm not sure how this fits into the bigger picture, but then again, maybe it doesn't matter. Pull up an SPX daily. Start counting off the May short-covering high. I see a valid impulse downward 1 - sharp 2 - 3 - flat 4 - and 5 ending the first week of July. Then I see all the rest of July as a bigger flat which ended four days ago. If this is a valid read, then we're in 3 or C down. I'd think today was 3 of 1 inside that major move. The important thing to realize is that, if this is true, the bulk of the "C" or "3" remains. It isn't necessary to know if the resolution will be up or down, because both scenarios point down for the next couple of weeks. Going further back, to March, perhaps the prior nontech up wave was not an impulse as we've assumed. Maybe our supposed 1 & 2 at the end of March were in fact 4 and a failed 5th of the previous downleg. Then we have a synchronized corrective three wave pattern up in both tech and non-tech. This new downwave in non-tech that launched off the May top would have to be read as a leading diagonal of sorts in tech. It's ugly, I'll admit, but it's all I can make of it. I know the July activity certainly had the feel of a flat correction with A=C. Ummmm - this would also tie in with my gut feel that Naz 2001 = Dow 1931... BC

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