Mr. Hardware? how about mr. softhead -g- I would get bullish right at the peak -g- got out alive though -g-, this kind of fake out to the upside and reversal on the nets is very bearish to me.
I'm rethinking the wave counts now since the move up from October looks so funky.
A new proposed wave count puts the orthodox bull market Dow peak on 8/97, with five waves up from the 12/94 lows. Thats when Barrons and several others had pictures comparing the chart to 87 and 29 (not today -g-) and thats when the Millenium Crash thread began, both turned out to be incredible contrary indicators (the thread is a ghostown today, as is the bubble thread -g-) This is also when the new highs and the internal momentum was peaking.
From the 10/97 lows we have a 5 wave advance into 7/98, a three wave decline into 9/98, a three wave advance into May 98 A:Jan 99 B:Feb 18th,99 and the top probably was Thursday.
On the Dow I believe in the final leg wave 1 started on 2/18, 3 started on 3/3, 5 started on 3/24.
An elliott ABC corrective upmove from 10/97.
I've noticed that TV commentators have really been giving bearish analysts a hard time lately and rubbing it in to them, this is the kind of sentiment I've found around tops.
I also heard James Dines say today that a new bull market began at the 4 year cycle bottom last fall, however I have to question that since my understanding is the leadership changes during these kind of sell-offs, and we had no leadership change. His tenent is the the leading sector out of the 4 year cycle bottom will lead the next bull leg up and thats why he continues to pound the table to buy internets (at any price BTW -g-) I respect Dines, but I think he's wrong here.
Tech which was the leader out of the last 4 year cycle, after a parabolic upthrust has lost momentum and leadership.
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