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Strategies & Market Trends : Classic TA Workplace

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To: bcrafty who wrote (94634)	4/10/2004 2:38:40 PM
From: Shack	Read Replies (3) of 209892

I believe I have talked about this before but I really think INTC is one of the most important charts out there in terms of ramifications in the larger time frames. If we do get a new high, and at this point I think its 60% possible, then we have a very clear 5 waves off the 2002 lows. While one stock does not make a market, that would pretty much confirm that the Oct 2002 low was the end of the cycle 'A' on the SOX and Oct 2002 began cycle wave 'B'. The 5 wave up would only be wave 'a' of that 'B' so if the market should roll over it would only be into a 'b' of 'B' and while some stocks would undoubtedly make new lows, it portends another big ramp a couple of years down the road for tech if you believe INTC is any sort of proxy. The much ballyhooed(sp?) waterfall would not come for years in what would eventually be the cycle wave 'C' which will kick the stuffings out of this market. As you can see I am still a firm believer in the secular bear but IMO the unwinding thereof will be longer in time than many bears would hope.

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