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Strategies & Market Trends : Waiting for the big Kahuna

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To: Margaret Mateer who wrote (32287)	10/23/1998 8:18:00 PM
From: bobby beara	Read Replies (1) of 94695

Peggy, I believe wave 4 was an mini intraday affair and doesn't show up in the daily chart and the intraday top on October 20th was the top of wave 5. The mo out of AG's surprised cut muted the wave 4 correction. What we are in now I believe is the first impulse down and the consolidation wave 2. decisionpoint.com If you notice that Oscillator peaks have marked tops since 7/20 to the day as they did after the market peaked last October and thru the early Jan period. Now if we have just had a bull market correction, the complex bottom (inverted H&S pattern) on the Oscillator would be a powerful momentum thrust off an oversold low. It did this out of the spring 97 lows and continued up with little correction in the indexes until the peak in August. basically a similar pattern to kick off the Jan thru April 98 run. If we are still in a bull market we should not have much of a correction at all off this peak, mostly sideways. If we go down hard in the next week, I would say that we have had a very greater foolish bear rally. The Oscillator had a minor change reading this week, which means we should have a major move in the averages in the next several trading days. People are way way to bullish right here decisionpoint.com bb

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