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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: AllansAlias who wrote (3213)	5/23/2001 10:50:55 AM
From: Perspective	Respond to of 209892

I must admit that I don't have much experience with failed waves, since they are rare. However, I smell this one because of the relative weakness in areas that would need to support a strong fifth wave push, and just that gut feel that our glamour index, NDX, hasn't shaken its 1931 appearance just yet. And while you have them on "ignore" for your shorter timeframe stuff (rightfully so), the fundamentals have never been reflected in the market pricing mechanism. They are the primary driver of the wave structures seen on the weekly charts. (And they really, REALLY suck in tech-land. And people expect summer to bail them out? LOL! Tech shuts down in the summer...) You should see the wave structure you are looking for, but it will violate the rules about length. Wave five might not make a new high for the move, but I still think you count it as part of the prior wave up. I would expect the turn here shortly, and 2250 would be a perfect place to do it. However, non-tech looks like it has already launched into wave 3 of 1 down. Perhaps wave "C" is only three legs. Regardless, I'd be very wary of trying to make big bets either way until she shows her hand. There is the risk of one more push up, but if you're wrong, the outgoing tide should start to tug on things strongly by the close today. BC