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To: AllansAlias who wrote (3327)	5/23/2001 4:24:05 PM
From: Shack	Read Replies (1) \| Respond to of 209892

Nice summary. All I could add would be that Smelly is just point or two away from the top of its 1 and is starting to show relative weakness. One of the characteristics of 5th waves is lack of breadth and leadership. The SOX, as usual, is my top poot candidate at the top of the next rally...if it even comes.

To: AllansAlias who wrote (3327)	5/23/2001 4:36:27 PM
From: velociraptor_	Read Replies (5) \| Respond to of 209892

The naz could still be ok for this, but the problem is that the S&P and Naz have both been tracking each other well in terms of the same count and the S&P broke below the high of wave 1. That's a no-no in EW terms. Then there's the DOW. Seems like it missed a whole up wave while the other two indexes went for 3 up, so it's troublesome to place.

To: AllansAlias who wrote (3327)	5/23/2001 4:37:45 PM
From: UnBelievable	Respond to of 209892

NDX Did Fail The September January D/T Line While COMPX Has A Way To Go (As does NYA, SPX held today but right at the line, INDU has a D/T line off of he 1/18/00 and the 9/6/2000 highs which measures to about 11065 where it crosses the U/T line from the 4/4/01 bottom and the 5/16 bottom ((the bottom line of the rising wedge which began on 4/4)). INDU should have a fair amount of support at that point. BTW - What do you see this 5 being worth? I was holding puts into the open and sold them somewhat early in the day, and began buying calls based on the expectation of a 5 before the "Big Down" (you guys are doing so well it is kind of hard to ignore you <gg>). What might a failed 5 look like and what would a normal 5 look like? Is there an alternative count if we were to just plunge through the remaining support?

To: AllansAlias who wrote (3327)	5/24/2001 12:14:12 AM
From: AllansAlias	Respond to of 209892

NASDAQ Scenario Update I am no longer favouring the scenario that calls for new up. I am standing aside -- I have no favoured scenario. After reviewing many charts this evening, in tech and non-tech, the view that we get another push up seems very unlikely to me. Today's NASDAQ correction produced too many failures -- it's unlikely that it's just a small corrective wave down to setup for another push. The only way to save the former favoured scenario is for this market to run right from the open. Saving that, I will be counting off the top as a turn and looking for a pop to position shorts. In my opinion, we'll know very early tomorrow what the wider picture holds.