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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (145618)	6/14/2007 1:04:12 PM
From: rcksinc	Read Replies (1) of 209892

Freep It looks to me like we are in a wave 4 of this c wave of 2 or large B. You can see it pretty well on the 60 min of the SPX or shorter time frames as well. stockcharts.com My question to you is can or should this 2 or c wave be 5 waves in structure? Are there rules about corrective waves, and I'm thinking we are in a corrective ABC off of the top and we are close to completing the B wave up. I believe corrective waves are usually 3 waves and that being the case does that mean the A or B or C each need to be 3 waves as well? IMO, the market met max-pain by reaching the 1520-1525 level, although for OEX options it would be staying close to 700 through the close tomorrow. That would argue for us staying price wise right here for day or so. TIA for your views.

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