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Strategies & Market Trends : Classic TA Workplace

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To: nspolar who wrote (59095)	11/9/2002 5:50:22 PM
From: Shack	Read Replies (2) of 209892

Wow. Well nspolar that's way too bullish for my tastes right here. You must have the SOX heading to 500-700 then and think we are correcting the entire bear. Its possible of course but I think its a little premature to look for such a major correction when we have not even retraced 38% of the March dump. Incidentally, I believe that is all we are currently correcting. As for the SOX move to date, It has not been that clean an affair on the daily charts, it has been choppy and overlapping. I believe there is a 3-wave move in there with a running correction. But even if you do think its straight, an 'A' can be a 5 wave impulse no? The difference is that you're looking for more structure since you believe this move is correcting a lot more than I do. The other clue for me is INTC which most definitely has had a 3 wave move into the high after breaking hard out of its ending diagonal back on Oct 9-11. Looks like it may have double topped for now. Keep in mind that I believe there is another wave up coming there at least. I just think it will start from lower levels. Quite frankly I hope you're right because I plan to be long at the bottom of my 'b' (your '2'). There are lots of bears around Chat boards are full of bears (especially this one) but don't live in the SI vacuum. Check the open interest on MSFT or INTC options if you want a better indication of how FEW bears there actually are. How about the small specs being long the NQ Mini by a ratio of better than 4 to 1? Not a lot of bears there either. How about the better then 50% bulls in the Investors Intelligence survey? Highest since the spring. Anecdotal evidence is one thing but everything I see points to bullishness, and in some cases extreme.

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