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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 674.96

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Nov 25 4:00 PM EST

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To: bobby beara who wrote (14530)	5/21/1999 8:54:00 AM
From: j.o.	Read Replies (1) of 99985

I agree - we are coming close to resolution. But the weak close yesterday gave me pause. Right now it's possible to look at an hourly chart of the S&P500 and get the following wavecount: Wave 1: last Thurs -> this Monday. If we are headed lower, this might be Wave 1 of the short-term 5-wave downmove. Wave 2: Classic A-B-C lasting from Monday through the highs of yesterday. Wave 3: Might have started yesterday, in which case we would see a solid down day today. If this wave count is to be refuted, we have to take out yesterdays highs, and solidly regain the uptrend that has been in place for some time (see L3's charts...I agree with where he has the uptrend with his forks). If we can do so, it puts us on track for another big upleg. Yesterday's S&P action really didn't give me much confidence at all. Easy to get churned and burned over the last few days! Good trading, j.o.

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