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To: AllansAlias who wrote (4639)	6/11/2001 3:01:45 PM
From: UnBelievable	Respond to of 209892

I Didn't Mean To Say That The Support Would Fail Usually the 50 SMA is reasonably good support, Particularly when it is all that is preventing whoosh. A bounce at these support points could be expected but my point was that if they fail it would be a fairly good indication that we are moving out of Jello land.

To: AllansAlias who wrote (4639)	6/11/2001 4:15:21 PM
From: JRI	Respond to of 209892

Still mindless jello? Can you give anymore creedence to my theory of jello-up into Fri? One thing seems fairly certain: By next week, we should get some resolution....regardless, post options-ex weeks have been awfully good to the bears this year (g) so I'd love to hear the bull case for up next week to keep my bi-polar thinking in tact..

To: AllansAlias who wrote (4639)	6/11/2001 5:47:34 PM
From: John Madarasz	Respond to of 209892

A couple interesting observations: Gap creation aligns with Elliott's 5-wave trend theory. The Breakaway gap corresponds with the initiation of a dynamic 1st or 3rd wave impulse. At the center of 3rd wave, runaway emotions emit the Continuation gap. Then the trend sequence ends through the 5th wave Exhaustion gap. The Continuation gap routinely marks a halfway point for the entire trend. Traders use this knowledge to target major reversals. Visualize the gap as soon as possible after a 3rd wave completes. Draw an extension from the edge of the 1st wave to the new gap. Then double the distance and wait for a last thrust to push price into it. Enter positions when the target strikes as long as other conditions don't negate the trade. The first test of a Continuation gap frequently occurs after the closure of an Exhaustion gap. After markets complete 5 wave trends, they retrace according to Fibonacci proportion. Pullbacks often fill the primary 5th wave completely through a First Rise/First Failure pattern. Without strong support, the countertrend thrust continues until supply-demand balances enough to reawaken the primary trend. The Continuation gap marks the natural 50% trend retracement and provides the support needed to force a reversal. hardrightedge.com (i know, i know......kewl!) <g>