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Strategies & Market Trends : MDA - Market Direction Analysis

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To: bobby beara who wrote (14317)	5/19/1999 9:32:00 AM
From: j.o.	Read Replies (1) of 99985

Bobby - would be interested to hear your views on the DOW wavecount. Looking at L3's charts (Dow and Dow 2nd look), it looks like we had wave 1 up from the October lows. We had wave 2 sideways from early Jan until late Feb. Liftoff into subwave 1 of wave 3 in first week of March, topping around the 15th. subwave 2 of wave 3 lasted just a few days. Subwave 3 of wave 3 just ended with our last top in the dow, and we are now working our way through wave 4. If we are to have one more last subwave 5 in this large wave 3, then it should take us up to 11300 (minimum) - which would make wave 3 the same length as wave 1 (about 2200 points). If they are to make the same percentage move (28.5%), subwave 5 needs to take us up to 11,700 in the Dow. That would be a reasonable target for wave 3....then we still have waves 4 (which could be a sharp downward correction) and 5, which would need to take us to new highs. Any feedback you can give would be helpful. BTW - I make the S&P just now heading into wave 3...It seems far behind the Dow in this cycle, but may catch up in this next upmove. j.o.

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