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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: peter n matzke who wrote (29640)	8/5/1999 12:45:00 PM
From: SE	Read Replies (1) \| Respond to of 44573

David is nothing butt buy now you know. Get crazy, DOW 52,000 is right around the corner!

To: peter n matzke who wrote (29640)	8/5/1999 1:08:00 PM
From: Bull RidaH	Respond to of 44573

Peter, Today changed everything.... <g>. Taking out the 6/11 lows on the NYSE and SPX has voided my prior count, and leaves one very attractive alternative. Primary Wave 1 off the October 8,98 Lows ended 4/13. Since then, we've been in a Primary Wave 2 correction that I mistakenly believed ended on 6/11/99. This was the corrective for which I took the Bear King name, but PREMATURELY EJECTED on the call. <g> So here's what the wave 2 corrective count looks like from the 4/13 highs: To the 4/20 low - a of A To the 5/13 high- b of A To the 6/11 low - c of A To the 6/22 high- a of B To the 6/24 low - b of B To the 7/19 high- c of B To the 7/26 low - 1 of C To the 7/28 high- 2 of C To today's low - 3 of 3 of C That's why we had a crash-like move down from yesterday's late day high to today's low... it was a 3 of 3 move down that found it's end here. So my call would be for this 4 of 3 of C rally to end here between 1310 & 1315 SPX, then a 5 of 3 drop to follow that could retest today's lows in the coming days, followed by a wave 4 of C rally that could rally back up to where 1 of C ended, which was 1350 SPX or so. Then we get the final 5 of C decline from there that could come back down to the 1300 SPX area. So yes... If you're trying to peg the absolute low for this move lower.. Today could have been it.. As 3 of 3's often find the price extreme in a 5 wave move. That could depend alot on what kind of numbers we see tomorrow. This whole ABC move form 4/13's highs is an expanded flat of course, so it has built in limitations on how low wave C can go... Which is no more than 2X the larger of A or B. In this case, Wave B was 133 pts. in length, so C can be no larger than 266 pts, or 1420 - 266 = 1156 SPX. That is the absolute max if this thing turns real ugly, which may or may not happen depending on whether Greenspans combover is to the left or right..<g>. Anyhow.. No need to turn too bullish until the 5 waves of C complete, cause we'll keep getting selloffs as the waves run through their paces. Good luck, Poodle Ridah