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To: fedhead who wrote (51343)	12/26/2000 5:09:03 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

don't forget, the Nikkei blow-off stage was much smaller than the NAZ's, and i expect the decline to be mirroring the blow-off. more important than absolute price/time comparisons are imo the patterns as such, and the usual BK pattern would be fulfilled by a breaking of the '99 consolidation shelf with a thud. nevertheless, a minimum 0,146 fibo retracement would bring the NDX back to 2676, and i'd be watching carefully how it handles attainment of that level. today's p/c ratio did go pretty high by the close, so there may be some oomph for a rally in the ST. say for a day or two (vbg). note, p/c ratios were extremely low for weeks before the top was finally in. medium term i still expect much lower prices...giving back one year of gains isn't enough if the global economy does what i expect it to do. i agree btw. that with CNBS finally joining the chorus advocating running to the Titanic's stern now hat the bow is firmly under water is a likely sign that the first bodies will come tumbling down from there soon. in any case, i'm still leaning toward waiting rallies out and looking what they provide in terms of shorting opps...several to me valid looking wave counts point to quite a bit more selling to come. admittedly the strong Dow is of some concern...if it doesn't give soon i may re-assess my position.