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

To: Shaw who wrote (3838)	5/30/2001 11:42:51 PM
From: AllansAlias	Read Replies (2) \| Respond to of 209892

Update For Tomorrow, Thursday, May 31 Summary: We called for a wave 4 to begin today. It may well have begun very late in the day, but in any case, the main feature of today was not the start of a countertrend rally. So, for tomorrow, I think the wave 4 correction will get going and give us some up going into the end of the week. Everyone is awfully eager to play a bounce it seems to me. Many are asking what the upside likely target is. I want to be very clear that I think the better opportunity is to wait for the bounce to unfold and get short again. I have seen nothing to change my opinion from the weekend big update that "the S&P is headed to 1230 in the next week or two". ----------------- The update quote of the day is from poster hamsandwich: My broker called me yesterday to try to convince me to put some cash to work. His "best buy" was JNPR, with a sale price not to be seen again for quite some time. <vbg> I declined the offer. ----------------- The count in the tiny timeframes indicates that a new low at the beginning of tomorrow is likely, but that is a detail. Anyway, a wave 4 going into Friday afternoon would salvage some of the weekly sticks. We had a wonderfully relentless down day and it should remind us all not to outguess a wave 3. I got out way too early and was taught that lesson for the Nth time. When will I learn not to underestimate 3's?! Our S&P cash head and shoulders target came exactly to our measured move at 1246. Some great breakdowns today. The most important is that the NASDAQ Composite is threatening to give up the Sep/00 downtrend line it had broken through. The breakthrough to the upside was heralded by the bulls and was widely reported/discussed among the chart-hugger fraternity. It needs to close the week strong so as not to provoke an terrible failure. No use commenting on all the breakdowns. When a market goes down hard there are lots of them. I will mention one more though: BKX fell out of its rising wedge. This has not wanted to participate in the non-tech down up until now, so I expect it to be a good helper for the next little leg down (the 5 that goes with the Tue/Wed 3). --------------- PS: Thanks to bobcor, again, for a great list of short targets.