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Strategies & Market Trends : Waiting for the big Kahuna
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To: Bull RidaH who wrote (14410)2/26/1998 10:28:00 PM
From: bearshark  Read Replies (1) of 94695
 
David:

Although I do not use Elliot, much of what I do use is confirming the action you have been noting during the past week. In note 14328, I posted some volume analysis of advances and declines on the NYSE. The analysis shows that the broad market was weakening coming into this week. I also expected a useful correction so that I could set some new positions. However, the rally resumed yesterday--one or two days earlier than I expected. Yesterday's strength in advancing issues was not that impressive. However, today's was much better. This should be indicative of a further rally.

Since 7700, when the rally began before the ARM's 5-day index was ready, I have considered this market to have reentered the primary bull market trend that we were in for the past several years. You noted the DJT as a concern. It also concerns me. I believe tomorrow will be an important test. It should not drop any more than about 20 to 40 points before rebounding. If it continues to drop more than that I would be very concerned.

I am happy to see that you have not given up on the ARM's 5-day index. It has changed its language but it is still a very good indicator. By staying near or under 4 for so long, it is now showing how strong this rally really is. I also keep the ARM's 5-day for the 30 DJI stocks and it is even stronger for them.
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