MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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To: KM who wrote (15260)	5/28/1999 3:33:00 PM
From: j.o.	Read Replies (7) of 99985

It looks like the S&P is going to trade off into the long weekend. We have completed a solid A-B-C correction of the wave 3 downmove (looking at an hourly chart of the S&P500). The 38.2 retracement was around 1305, and was reached on Wednesday. My target for the 5th wave will be a minimum of 1250 (wave 5=wave 1...roughly 55 points down in wave 1 from the top), and a maximum of 72 points down (wave 5=wave3) from 1305 would give us a target around 1225. We will get confirmation of this wavecount when we break down through 1280 convincingly, which I would expect on Monday. Once the downmove is completed, look for a larger A-B-C correction of the entire downmove from 1370 - bottom. If we hold at 1250, then the minimum .382 retracement would carry us back up to current levels before we set off into the BIG wave three downmove, which can be expected to take us further than the 5 waves we are experiencing of this current wave 1 downmove. Have a good one! PS - Anyone expect a late, thin-market squeeze today? j.o.

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