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To: Chip McVickar who wrote (172)	11/10/2000 6:08:00 PM
From: Challo Jeregy	Read Replies (1) \| Respond to of 12411

Chip, I'm sure you've seen the Hahn site - his comments from yesterday - This page was updated on: Thursday, November 9, 2000 7:57 PM We now know we won't get a quick resolution of the Florida vote. The next important date is November 17 when all of the “in-transit” absentee overseas ballots are counted. That will not resolve the election. The next date is the vote of the electoral college on December 18. The electoral college vote might decide the election, but will be subject to court challenges regarding election irregularities, especially the Palm Beach County, Florida ballot. We have a constitutional crisis and it is not favorable for the markets. As I mentioned in the Weekend Update, we may not get instant gratification from this political contest. Here's what we said on Monday: We only have one unfufilled wave on the 60 min. chart. That sharp ramp projects to Tuesday, Nov. 7 at 2:00 p.m. CST. Expect a trend change at that time. Here's what we said on Tuesday: Nothing dramatic today, but the end of a sideways congestion may have occurred at our projected time. This would be confirmed by a drop out of the wedge formation on Wednesday. A bearish move down should be expected post-election. It's bearish to be overbought into an important time on a watershed day. Here's what we said on Wednesday: Not only did we fall out of the wedge, we broke below a critical pivot point at 1412. This is a key reversal to the downside and is very bearish. Fresh money investments should wait for market stabilization. There are no clean intraday waves to project a turning point at this time. A lot of technical damage occurred today. Although we have a V bottom on the intraday chart, the reversal to the upside fell short of mitigating the bearishness. The decline from Wednesday's high to Thursday's low projects to Tuesday, Nov. 14 at 11:00 a.m.CST. Expect a trend change at that time. The Nasdaq Comp chart is shown below. The Sept. 1 to Oct. 18 wave projects to late December or early January, where a significant high should be expected. The Oct. 27 to Nov. 3 wave projects to Nov. 17, where we would expect a trend change to occur (probably a low). That is options expiration day, so like October, the low may shift to the following week, which would put the Naz in sync with the other indices. See "Charts of Interest" for price targets. The next chart is the SPX daily chart. Yesterday was a key reversal to the downside. The Sept. 1 to October 18 wave projects to late December or early January for a probable cycle high. The Oct. 18 to Oct. 31 wave projects to Nov. 21 and is in sync with the DJIA for a time cycle low. The bearish elliot wave count seems to be the one to watch. See "Charts of Interest" for price targets. For the DJIA, October 18 low to October 31 high projects to a low near November 21. See Market Commentary for price targets. The diamond pattern is still important because it illustrates the nature of the broad distribution top. The DJIA Gann line is also important because the DJIA had retraced past the intersection of several Gann lines and now threatens to fall below support. The 9/6 to 10/18 wave projects to the end of December for a “time”, probably a “high”. Bottom line.....a series of lows culminating in a major low on November 21 (which may not exceed the Oct. 18 low) and then a rally into the end of the year.