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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (62459)	12/31/2002 5:00:56 PM
From: mishedlo	Read Replies (3) of 209892

Thoughts on this post from Brian? (poster on my board) ==================================================== I haven't posted EW stuff for a while before today, so here are some charts. The day after Christmas probably saw the high of wave 2 of wave 3 from the Dec. 2 highs, and the S&P has been down since then. I think the S&P probably completed a corrective pattern today towards the close. tinyurl.com tinyurl.com The count for the A-B-C Flat is full now, so Thursday should see another leg down. Corrective patterns are the hardest to count because there are so many permutations of corrective waves, so we'll have to wait to see on Thursday whether this is right or not. EWI has been ranting the last few weeks that we should see a rally that lasts a few weeks pretty soon. They base that on their '10-week' cycle that has turned up. The wave count all but precludes that possibility though, so I'm not waiting for it. The Bullish Percent and the Summation charts all are firmly negative, after reaching nice highs at the end of November – they point down. If the S&P were to get above wave 2 high at 904 without completing 5 waves down from Dec. 2, then I would start thinking 'rally above 954.' Until then, it continues to look like wave 3 down from the March highs is underway. <ggg> Hope you all have a nice night tonight. Brian

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