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Strategies & Market Trends : Waiting for the big Kahuna

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To: Death Sphincter who wrote (17280)	4/26/1998 3:44:00 PM
From: RWS	Read Replies (3) of 94695

Hi Carl. Your wave 2 down doesn't have much room to travel and remain a corrective wave. Your wave 3 will have to start a sustained upmove tomorrow from no lower than 1095. Right? If we go over 1115 and stay there tomorrow then I will sell my puts, tip my hat to you and David, and buy calls. Tomorrow I'm looking for an upside wave 2 correction to this downtrend that stays below 1115 before the major drop in wave 3 starts to take us to 1080 or lower. Since this wave 1 down is so strong we could see 1020 SPX before the overall wave C of IV is over. This would fit with David Plonk's original alert, as Jim Hopkins mentioned. The timing is the most difficult part as once the price targets and wave action are determined it seems just natural to expect your prediction to be fulfilled right away. I presently have 40% of my trading kitty in SPX May 1100 puts and 40% in May 1090 puts. RWS

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