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

To: dennis michael patterson who wrote (21796)	8/2/1999 2:43:00 PM
From: j.o.	Read Replies (2) \| Respond to of 99985

Hi Dennis, It appears that in the Dow, etc. we are building a flag after today's early upmove...I think that we'll now move higher in another move similar to or larger than the move this morning. This could then either create the C of an A-B-C corrective move within the downtrend, or possibly signal the end of the downmove and result in a 1-2-3-4-5 move which establishes a new uptrend. If we fail after the C that I expect, then we are probably going to begin a 5th wave down. That would be confirmation that the entire upmove is now complete. I am still leaning toward interpreting the two sharp downwaves that we've just had as A-B-C within an uptrend. If that's the case, then we're in subwave 2 of wave 5. We would now embark on a large subwave 3 upwards, to be followed by a sideways 4 and (probably spiky) 5. This is the blow-off top scenario, and would carry us well over 13,500. j.o.