Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: GROUND ZERO™ who wrote (33284)	11/8/1998 12:00:00 PM
From: bobby beara	Read Replies (1) of 94695

GZ, I am debating on labeling the correction from 10/20 to 10/28 a wave 4 or a wave 2 correction. After looking at many charts am leaning on labeling the intraday peak on 10/20 as wave 1 and the ensuing correction to make OEX 520 support as wave 2. If this count is correct this move could bring us up to DOW 9600 (using a 1.5 multiplier x wave 1) or higher before we get a pullback. This would be a similar period to the Feb/March 98 expansion where we just kept going up day after day with minimal pullbacks as J.Q. Public came back into the market, even in the face of extreme overbought territory, we continued correcting in Aug/sept/oct in the face of extreme oversoldness, just unwinding that trend in the other direction. Picked up some great info at the Market Technicians Association seminar yesterday. bb

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