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Strategies & Market Trends : Waiting for the big Kahuna
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To: donald sew who wrote (24536)8/17/1998 6:30:00 PM
From: bobby beara  Read Replies (3) of 94695
 
Donald, I shouldn't have ignored Mr. Fibonacci, 8/11 was 55 days from the June 16 print bottom of the previous correction and the print bottom on this correction to date.

The inverted H&S pattern points to 1147-1155 area on the SPX. We are right on the upper trendline of the symetrical triangle. A positive open tomorrow would end the bear run IMHO, and initiate the short covering rallye that we've been talking about.

I believe we will acheive the 1130-1155 area by early/mid-September and that will be a good place to re-initiate shorts for the earnings warning season, the televised MSFT court date and the possible Clinton hearings.

All this is based on Asia and the Clinton crisis abating for this short period of time.

bWdIk,
bb

EDIT: This is wild, we are sitting right on the downtrend line from 7/21 and also we are sitting on the trendline from the October and January lows. MAKE OR BREAK!
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