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Strategies & Market Trends : The Millennium Crash
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To: Oracle who wrote (3188)8/15/1998 10:02:00 AM
From: bobby beara  Read Replies (1) of 5676
 
Oracle, that chart is for entertainment purposes only and lends credence to the calls by Prechter and PQ Walls. I think these are possibilities that 99.9% laff off as impossible, however 99.9% of the people in 1982 laffed off the call for a big bull market in the next 10-15 years also.

These are only possibilities, elliott interpretation is subjective and the corrective phase we are entering in now could play out differently and give us a wavy corrective period similar to the 60-80 period. Or the bears could be completely wrong and Wolanchuk right.

From my interpretation, TBR has made a five wave correction from it's recent peak and now is in a basing pattern. That could be a bottoming pattern or a digestive period before the next leg down. This all depends on Asia.

An add on to the post to Shahar. In the 97 correction, while the Dow made an ABC pattern that was slightly under the neckline or midline to it, the NYSE's ABC pattern was above the neckline, thus placing firm supports at the neckline and providing the eventual supports that would lead to an ascending triangle into early January that would provide the oomph for the following rally period into April.

As of now the only index in that position now is the OEX. (I'm skipping the NDX and COMPX because I can't figure out what going on with them -g-)

The NYSE is the weakest index and just barely touched the neckline intraday.

bwdik
bb
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