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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: ajtj99 who wrote (11044)12/6/2001 9:30:18 AM
From: velociraptor_  Read Replies (2) of 99280
 
Gem-x was wrong then and the call for a new bull now is more wrong than he realizes. This was a bear market rally and the wave count is obvious now. The current 5 wave move is an ending diagonal on the indexes and since the rise broke through the 10,120 low and the 1163 low on the SPX, that means the last decline from late May through Sept is complete. The break negates this rally being a 4th wave and with the last decline being only 3 complete waves, that means it is part of a correction. The thing is, corrections NEVER end with 3 waves, thus it has to be the middle wave of a correction. They are part of a 3-3-5 flat or a 5-3-5 zigzag. The current 5 wave rally puts in the last wave of the correction.

The next major move is likely to be a very strong 5 wave down impulse. The lows will be tested.
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