yes the direction is interesting....BUT in my opinion the count is labeled incorrectly.....without getting into great detail
they have labeled the moves up from Fall 1997 (in blue)as 1,2,3, and 4 happening, with 5 to come...... but 4 is overlapping down into 1....in order for this to happen you should be in an ending diagonal, and an ending diagonal is a 5th wave impulse that is composed of 5 abc'c ....NOT 5ers........they also have the up move in Sept 98 labeled as wave 1...I ripped that thing inside out when it was happenning, trying every poosible combo, including a rare leading diagonal, and could not make it an impulse...I am still convinced that it was a complex abc.......
now if they want to make this into a 5 wave move up from Fall of 1997
I could be led to believe that it is a large ending diagonal and what they have labeled as 1,2,3 is actually A,B,C with C up from Oct 8th
being a triple zigzag or something complex like that.....which would line us up for D down (an abc) taking it down to -8600 or even the Oct lows....to be followed by E up to new highs and then MAJOR dumpage
on the other hand, i'm telling you nothing new, you can make a bullish
scenario out of the whole thing that 'short term' NOW..takes the DOW to 10,000 before a big correction
for now I am betting lightly on a pullback to 8500-8600ish and getting ready to bet a bit more heavily
some of the generals...MSFT particularly, are positioned for a bounce here and they have heavy influence on the indices.....should we continue to run up to and thru the highs, and the big guys like MSFT,CSCO,INTC are rebounding but the A/D is negative then I will view that as negative for the rally...incidently, speaking of INTC i view it's trading range from Fall of 1997 thru end of summer 1998 as a triangle and that triangle projected the next move up for INTC to about 140...h-m-m-m.....now those type of triangles are only suppose to live in Wave 4
well, enough babbling
carl |
