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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (114353)	3/24/2005 11:20:31 AM
From: mishedlo	Read Replies (1) of 209892

From Shack to Brian.... Yes, we're on the same page. You should ask him about the potential flat off Jan 3 and that the (5) of A is not complete yet. A few of us see that possibility. From Brian: I can see what they are looking at, and it's certainly a possibility. But I'd say it's a low probability one. If you count a complete 5 wave advance from the August low, you have the wave 2 and wave 4 corrections both lasting about a month and alternating between a Flat wave 2 and a zig-zag wave 4. The advance also formed a clear channel that now has been broken. The only thing is that the supposed wave 5 does not look like a good impulsive pattern or ending pattern, which is probably what is prompting the 'wave B of a Flat correction' thinking. It is still possible this decline has been a wave C in a Flat wave 4 correction, but I think the symmetry of counting the advance complete from the August 2004 low makes the Flat count much less likely. The current decline from the January high has been going on for almost 3 months now. If the SPX were to advance strongly from here in an impulsive way, it would be more likely that a new high could be seen - but the rally over the last two days is not inspiring... Brian

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