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To: Moominoid who wrote (36)	1/30/2002 6:39:30 PM
From: At_The_Ask	Read Replies (1) of 121

We may get decent bounce here but I don't anticipate any impulse up. The C should unfold in five waves. Bulls will be most excited but alas it's only a correction. NDX has regained it's down channel from the dec. 6 highs, but just barely. Unless we move strongly above 1520 and stay that way tomorrow the down trend is not over and longs should stand aside. An alternate channel can be drawn that puts the lower boundry where we bounced today. IMO if we keep bouncing off the bottom of these lines they will break. A move to the top of a trend line drawn from the top of the dec and jan highs is not out of the question if the channel is regained. If I sound bearish, just consider we could get a 100 point rally back to the top of this channel. I don't expect a new high for the move from september. It seems clear that that move is over. We have retraced 32% to the intraday low today so it's possible that we now get your giant 3. We must wait and see what happens for that theory to be confirmed. If the action from 1-22 to present is a flat two in a giant c down then 1590 should be the maximum up we could expect before a massive three down. Sox looks pretty strong here. MU was actually green most of the day.

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