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To: Aggie who wrote (46678)	6/19/1999 6:30:00 PM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

Go to elliottwave.com Then look for tutorials somewhere. In essence, the whole thing boils down to a SOCIAL MOOD theory of how highly liquid high volume markets work (greed and fear). A so called Motive wave (one with a purpose) goes up 1-2-3-4-5..at the conclusion of which a 3 wave retrace ABC sets in ( then another 1-2-3-4-5 Motive wave up past the first peak).At THE bottom, the first 1 of a Motive wave is disbelieved so 2 is a deep retrace (50-62%)..Then, when 3 passes the top of 1, everyone believes and everyone's a bull. when 3 peters out (often 1.5-3x the length of 1), profit taking sets in and you get 4..then the late comers get in and drive it up to a newer high at 5 and the sequence is complete. One looks to buy at the beginning of '1' (hard to do since who knows if its a bottom) or at the beginning of 3 (hard to do since everyone's fearful that the old low won't hold) or at the beginning of 5 (easier to do since most are still believers but they often get caught holding the bag at the top of 5 ('pigs get slaughtered').......As i see it, the OSX is very close to the end of the first motive wave up (end of 5). We may blip up to the 19's maybe not....Then a Retrace sets in back to 15-16 to gather enough ammunition and juice to commence the second motive wave up into the 20's