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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.53

-1.5%

Nov 20 4:00 PM EST

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To: bobby beara who wrote (15271)	5/28/1999 4:32:00 PM
From: j.o.	Read Replies (1) of 99985

Keep the faith, Bobby! <g> On the Nasdaq, I agree that if we trade up much higher, we will run into the wave 1 (A?) of this downmove, which might negate the count. Then you and I might have to re-examine the whole scenario. It's a good thing that the move has been kind to us so far ! And as I have said before, if we were to regain the 1320 level in the S&P, my wavecount is off, and I will have to try the long side. Looking at NITE, I didn't notice anything out of the ordinary...I would see it the same way I see the Dow. What am I missing? I am sure it's prett elementary. One sometimes overlooks the simple answer <g> Like, go long the nets! <g> I would say that we need confirmation of the downmove (i.e. taking out the old lows at 1280 in the S&P cash.) But the price action over the last couple of days has built such a picture-perfect A-B-C that I have to think that we are finishing up wave 4 and heading down into 5 now. Always keep a fresh beanie on hand! John PS - Don't you love the "feel-good" rallies, LG? Have a great weekend, all!

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