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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (20889)	7/22/1999 9:49:00 PM
From: Benkea	Read Replies (1) \| Respond to of 99985

From the Elliot Wavers: The Bottom Line Wave [1] at 10888.5 was taken out by today's low although the close did not make it. In other words wave [iv] encroached on wave . This suggests that we are in a decline that is NOT a wave [iv] and so we are not going to make a new high for a while. We may now be heading down in a severe correction! Elliott Count Using an hourly line chart: There are two ways to count the decline from the recent high: (a)a five wave decline ended at 10955 – 7/21 – 12:30 or (b)a five wave decline ended at 10922 – 7/22 – 12:30. Count (a) 11171 – 7/19 – 11:30----------------(i) 11188 - 7/19 – 15:30----------------(ii) 10995 – 7/20 – 14:30----------------(iii) 11037 – 7/21 – 09:30----------------(iv) 10955 – 7/21 – 12:30----------------(v) 11205 – 7/22 – 09:30-------------------------or--[a] 10922 – 7/22 – 12:30---------------------[ii]------- By this count [c] is in progress Count (b) If you assume that wave (iii) above sub-divided then the or [a] which terminated at 10955 is wave [iii], 11205 is wave [iv] and wave [v] (10922) completed wave [v] or [a]. This would suggest that the Dow is now rising in a corrective wave which could become part of a more serious decline. Stand aside during corrections. Black Box System Daily – Blue – Long Hourly – Black – Neutral. It was red prior to today's closing bar. Ç§