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To: Oblomov who wrote (65252)	9/29/1999 11:04:00 PM
From: Stcgg	Respond to of 86076

Bonds on wave 5 decline now (Per Elliot).. [December Bonds] traced out the pattern we've been discussing the past several Updates. Minor wave 4 of the ending diagonal triangle pattern (see chart) topped right on schedule at last Friday's high of 115-16. The fifth and final leg of the pattern is now underway from this high. The bare minimum requirement for its completion is a print below the bottom of the third wave of 112-16. Since wave three of the ending diagonal is shorter than wave one, bonds must bottom above 111-20 otherwise wave three becomes the shortest wave (not allowed), which means the pattern is something other than we think. So the ultimate low should form in the 111-20 to 112-16 area. No matter, the near-term trend remains down with key resistance now at the recent wave four high of 115-16. Once bonds do bottom, we should expect a multi-month rally to correct the entire sell-off from the October 1998 high. A push now above 115-16 would tell us that bonds have recorded their fifth wave low and this solid multi-month rally is already underway. >><<