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To: fedhead who wrote (7013)	7/28/2000 8:53:15 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

Anindo, to be truthful, yes that's what i currently believe, but at the same time proof is still lacking. we will have proof only if and when all the major indices break through their April reaction lows in unison, preferably with a thud. there are different views among e.g. the e-wave practitioners i follow, and every alternate scenario must remain on the radar screen until disproven. regarding the NAZ, the main bullish scenario regards the current move as part of wave 2 of wave 5 up. in this scenario the current decline should halt approximately at the 62% retracement level of the up-move from the May 25 low and the most recent high. thereafter wave 3 of 5 up should begin, and wave 5 of 5 should produce a new marginal all time high by September this year. not my preferred scenario, but i won't rule it out until it's disproven beyond doubt. the main bearish wave scenario of the NAZ regards the entire bull market from the '74 low as finished. in this scenario, the March/April decline was not a wave 4 correction but a wave 1, or A down. the recent rally a wave 2 bear market retracement, and the current downswing the beginning of wave three down. one of the things we have to keep an eye out for is the beginning of broad participation. if the indices are declining in unison, this scenario gains credence. of course a break of the previous lows as mentioned above would also confirm it. if this is the correct interpretation, the worst part of the bear market lies directly ahead.