Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: AllansAlias who wrote (3354)	5/24/2001 8:45:38 AM
From: Mike M	Read Replies (1) \| Respond to of 209892

Great question. I've counted this puppy time and time again... It seems to me that last Monday/Tuesday was a miniscule subwave of what, by my count, looks to be the fifth wave of this Apr 4 advance. Wednesday opened lower than it had traded on Tuesday which satisfied the second leg and began the two day third subwave. I had hoped for a corrective zig zag fourth wave which instead seemed to be nothing more than a one day (fourth?) subwave indicated only by a lower high on Friday. Monday was the fifth wave breakout and Tuesday appears to be exhaustion (candlestick looks like a star doji). I'm not falling on my sword about this count yet...but many of the bears have become bulls. Many agree that we are going much higher in the near term and, while I am open to that possibility, I am skeptical. My bullish antenna are pulled in and I would not be surprised if Tuesday was the short term high and a correction may have begun. If 2200 holds today then I will be watching very carefully to see if the market can run back up to a new intraday high. If it does not then looks to me like we are due for a fairly sharp correction...