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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

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Nov 28 4:00 PM EST

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To: HairBall who wrote (4811)	1/28/1999 9:32:00 AM
From: bobby beara	Read Replies (3) of 99985

LG, my elliot analysis on nasdaq. from 10/8 bottom Wave 3 began on 12/3 Wave 5 began on 1/13 panic bottom. I had thought at the time that the rebound and correction on the 14th had completed an abc correction wave 4 and that the 3 wave advance into the 20th was the final leg, the follow up negates this count. The XCI has been trading in a very confined channel all the way up. The 20th pierced the upside channel and created the imbalance to create a fairly decent correction. If we get 40 or more upside points today in the XCI we will create another pierce of the upside channel. The OEX is creating a nice symetrical triangle that could be a b wave indecision pattern that will result in a c wave correction. The triangle needs some more time to complete it's apex. We had a similar pattern in the indexes last april-june, which was also in the mid point of the 9 month cycle. The CRB had a bull trap on Jan 8th and is now making new multi-decade lows and the Hang Seng has broken down. These kind of bull traps in the CRB have marked tops in the markets in 98. bb

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