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

To: bobby beara who wrote (34174)	11/24/1999 9:58:00 PM
From: John T.	Read Replies (2) \| Respond to of 99985

Elliott Wave Analysis -- Here's a summary of Robert Prechter's current wave count: According to Precter, the Dow topped on August 24, 1999. That was the top of Wave V. The period from August 24 to October 18 was minor Wave 1 down. It consisted of minor waves i, ii, iii, iv and v. Since, October 18, the Dow has been in a minor Wave 2 rally consisting of an a, b, c zigzag pattern. I believe that Precter is calling November 22 the top of the Wave 2 rally and the beginning of minor Wave 3 down. I'm not sure because he hedges by saying that if the Dow makes new highs "it will only be part of a top-building tapestry, not the launch of a major upleg." Precter also notes that minor Wave 1 down lasted 55 days or 8 weeks and that the minor Wave 2 rally lasted 35 days or 5 weeks. Minor Wave 2 lasted 0.618 (a Fibonacci number) as long as minor Wave 1, "a time relationship that is compatible with expectations for a downturn." Here's a chart of Precter's wave count: home.swbell.net Precter's web site is at: elliottwave.com As a side note, last year, on the Monday following Thanksgiving, the DJIA began a 7% correction that continued until mid-December. ***** I don't know anything about Elliott Waves. I'm just posting this for information purposes.