Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Casaubon who wrote (25596)	7/19/2000 1:27:58 AM
From: John T.	Respond to of 42787

Casaubon, under Elliott Wave it is difficult to determine how this correction will unfold. Unlike impulse waves (upward 1, 2, 3, 4 & 5 waves), corrective waves come in many different wave forms and combinations. Sometimes, the only way is to wait until the correction is over and then label the waves. Therefore, I'm hesitant to forecast a bottom to the correction based solely on EW principles. However, I do have a tentative theory about how the correction may unfold. I'll share it with you, but you have to understand that it is essentially a wild guess. <gg> I think the correction may take the form of an ABC zigzag (5 waves down to A, three waves up to B, and five waves down to C). Assuming a bullish scenario, the market would then rally from C. Ok, so, under my tentative theory, my best guess for a bottom to the correction in the SPX and OEX is 1470/1475 and 795/800, respectively. The COMPQ and the NDX could correct to 4050 and 3385, respectively. The following book is a good introduction to Elliott Wave principles: amazon.com