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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (71464)	10/24/1999 3:02:00 PM
From: Stcgg	Read Replies (2) \| Respond to of 86076

THE ELLIOTT VIEW OF THE MARKETS.. There is no bullish argument for the near-term trend.. All indices are at resistance in a downtrend, the most recent entry is the Nasdaq, with a lower low and now a possible lower high in place.. Expect a mop-up rally in the Dow & S&P early next week, followed by a sharp and steep decline in wave 3 of the downtrend.. Wave 3 is the longest in the Elliott Wave pattern.. Dow resistance levels are 10507-10525, with higher resistance at 10592-10719.. The Nasdaq completed a perfect fibonacci 78.6% wave 2 retracement on Friday morning, it is ready to begin a sharp fall down toward support at 2168 in the futures, 105 7/8 in the QQQ's.. The 5Day ARMs is overbot @ .768.. The CBOE shows widespread complacency.. Recent volatility and the zig-zag nature of the upward retracements give added clear evidence to the argument that recent rises have been corrective, rather than impulsive waves.. >><<