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Strategies & Market Trends : Waiting for the big Kahuna
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To: jef saunders who wrote (23863)8/12/1998 8:39:00 AM
From: Bull RidaH  Read Replies (3) of 94695
 
Jef,

I've got good news and bad news for ya. The good news is I now don't believe wave 5 down has even begun. The bad news for current shorts is the current rally should last into the early part of tomorrow. The top of this rally will be last chance to clear out of long positions for the hold-outs, and the optimal time to pull the trigger on what could be one of the most lucrative short term short plays since '87.

My wave count has been recalibrated to end big wave 3 down from July 20th's highs on LAST WEDNESDAY'S LOW. Then the big move up into Friday's highs was wave A of 4, and the move down to yesterday's lows was B of 4, and now we are in a C of 4 rally that should match A in duration and probaly size. So I'd be looking for this rally to peter out on Thursday morning, somewhere in the 1090's or low 1000's (Will form a nice double top with last Friday's highs)... AND THEN wave 5 down begins... you gotta believe they would make us wait for it after the magnitude and steepness of wave 3... don'tcha? And a nice head fake up (A of 4), then head fake down (B of 4), then a head fake up (c of 4), has done wonders for the market makers preparedness for an ensuing collapse... No? I think that's it.

This read makes more sense than any I've seen, and lines up with Jerry Favor's Indicators looking for the next important high from which prices turn down on 8/13 (Thursday). He's actually going to take ALL subscribers short on this rally for the first time in quite some time, and that my friend says more than I could ever say.

Regards,

David
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