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Strategies & Market Trends : Waiting for the big Kahuna
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To: Bull RidaH who wrote (16405)4/14/1998 4:47:00 PM
From: RWS  Read Replies (1) of 94695
 
David, thanks for the update. I hope you are right. If you are I'll quickly buy back my puts.

However, I have a different opinion of the wave count now than you. And I hope that this difference of opinion will be healthy and remove the aura of hype that some readers attribute to EW analysis.

I think we are presently in wave 4 of C which may end tomorrow morning with a flat or a little dip, leading to 5 of C. Wave C started at the 1pm low yesterday. It is part of a,b,c formation of a greater corrective wave B which started at the April 8th low. This April 8th low was the termination of wave A which started at the high of April 6 and subdivided into five waves.

This greater corrective wave B should end in two to four days and lead to wave C down, which should subdivide into five waves and reach your targets suggested earlier. This would end corrective wave IV from the April 6 high and lead to (the final?) bull leg wave V.

Anyone interested in learning a little about EW can compare these two scenarios as time passes and make their own judgement. However they are the same in one essential aspect, and that is they suppose this is a correction in the bullish trend and not the end of the bullish trend.

FWIW

RWS (somewhat thinner pig today)
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