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

To: Jerry Olson who wrote (50036)	5/9/2000 9:29:00 PM
From: Benkea	Read Replies (2) \| Respond to of 99985

OJ: You keep it up with such furvor and I'm gonna get real bullish :-)

To: Jerry Olson who wrote (50036)	5/9/2000 9:37:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 99985

OJ, regarding the charts, let's not forget the VGY, which seems to have made a large complex wave 2 (of 3)consolidation of a-b-c-d-e shape. if it breaks the lower boundary of that formation (and the 'e' rally has so far produced an early failure) i'd expect fireworks... one has to look at a two year or longer chart to appreciate the formation and its implications. bigcharts.com one clearly sees the top of the broad market which was made in April '98 and was followed by wave 1 down (a text-book five wave structure) into the October '98 low. this was followed by a big wave 2 corrective rally that looks to be made up of a succession of a-b-c structures into the July '99 high. from there, wave 1 of 3 down into the October '99 low, and since then the wave 2 of 3 consolidation mentioned above. of course this is only one possible interpretation. but if it is correct, a wave 3 of 3 down should come next, and third waves enjoy broad participation and are pretty hefty at that. this is one index that needs to be watched closely...i believe it will act as an 'early warning' barometer as it did in '98. add to that the dreaded Dow diamond....and the bear flag on the NAZ. so the stage for these indices to act in unison is set. btw, if the above count is correct, the resolution lies immediately ahead. regards, hb