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Strategies & Market Trends : Waiting for the big Kahuna
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To: jef saunders who wrote (25372)8/28/1998 7:50:00 PM
From: bobby beara  Read Replies (1) of 94695
 
jef, i have been reconsidering the wave counts and believe that we are in for some major selling over the next several months.

I believe wave one down was completed on the 8/11 low on the SPX and on the 8/4 low on the NDX. The two markets have always been slightly out of sink time wise, the speculative NDX leads the market.

I can make a five count down in the NDX to the 8/4 bottom.

From 8/11 on the SPX you can make a five count wave which would be and ABC-A BC for a three count countertrend rally - WAVE 2

I believe we are nearing the process now of completing WAVE 1 down of 3, which means the selling will accellerate (especially in the tech bubble NDX) from here (especially after the next corrective wave 2). So that means we will have 2 more impulse waves down after we complete this wave probably Monday morning.

My analysis hints to me that the coming correction will surprise both bulls and bears in it's magnitude and intensity, just as the magnitude of this bull market has confounded bears for years.

We have broken 200 dma and uptrendlines in a parabolic market and past history tells us that this results in big foobar.

But then there is always the pennant race to look forward too and my favorite team is in the hunt -gggggggg-

Also Go McGuire - Go Sosa!
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