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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: peter n matzke who wrote (15665)	2/17/1999 12:56:00 PM
From: Bull RidaH	Read Replies (2) of 44573

Peter, The 12:25 turn was right on the money, and the 10:30 turn wasn't too shabby either. With that being the last turn of the day, and the turn was down, it seems as though one would hold short until that 12:25 peak was taken out. If not taken out, it could be a lucrative short between here and the close. Do you agree? Today (Wednesday) is the due date for the 16 day cycle low i've been talking about. If today's NYSE low is taken out anytime between now and next Friday, it would generate an "inverse cycle" sell signal. Otherwise, a buy between here and the close looks good into expiration. Wave counts for me are treacherous right now. If this sell off from 12:25pm proceeds, my best guess would be that we're in wave 3 of 5 down that began from yesterday's 11:30am EST peak. wave 2 of 5 took us up near this point today (1250.13spx) in a near 100% retracement. If 1250.13 spx gives way, i'll have to retool to a much more bullish short term count. Regards, David

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