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Strategies & Market Trends : gem-x's incredibly accurate Elliott Wave forecasts. -- Ignore unavailable to you. Want to Upgrade?

To: robert duke who wrote (674)	8/17/2001 6:33:27 PM
From: eichler	Read Replies (1) \| Respond to of 2290

robert, No, the assumption which may or not be correct is that the Wave 5 down from the March 2000 highs was completed at the 1619 low.(4/4/2001) The shot out of the hole to the 5/22 high of 2300+ is presumed to be a new Wave 1; the corrective Wave 2 from 5/22 to present so far approximates a fibonacci retracement of about 62% of Wave 1...so far...but I think the greater the correction becomes, the greater the possibility that that whole "count" could be wrong. If we retreat to that last low of April, I'm thinking it is back to the drawing board on that whole count. I am a complete newbie as far as seriously considering E-Wave counts and structure and for that matter, far brighter lightbulbs than I have been frustrated and bamboozled trying to figure this stuff out. E-Wave "experts" disagree among themselves as far as what has transpired so far and where we are going from here. I think that if current compx levels {or at worst 78% (another fib level) of the rise from 4/4 to 5/22} hold, and we can (with volume) convincingly rise again, then that would strengthen the case that a Wave 3 is coming. So, in answer to your question "is this Wave 3"....no, Wave 3 does not yet exist, but it could still occur. Personally, I have not banked on the coming Wave 3; I am using stops (mental) for risk management, I remain open-minded that it could or could not occur, I do use chart trendlines and indicators and other even non-conventional stuff (such as lunar phases) to determine what to do. I would say though that the markets in general look as gloomy and bad as they can through the end of this week but from a logical point of view, at a bottom before a turn back up...it stands to reason that that would be the point where the charts and the general investing landscape will obviously look it's worst. The Wall Street pimpers (oops, sorry...meant PUMPERS) have been doing their darndest to convince the public that the worst is over, yet perhaps Mom & Pop Investor may be wising up to the fact that those dudes are 3-piece-suit-wearing scam artists...of which I think the worst of the allegations is that "they" have been selling while telling the public to buy. It is possible that the market could yet crash, and 1000 or even sub-1000 compx can not be prevented. I do not pretend to know this, I only try to keep an open mind to the possibilities. If not for an open mind and hard and fast risk management rules, one could sit it stunned amazement while the old investment account goes bye-bye. Game over. The only way to win at this game is to take the emotion out, follow sound trading strategy so that one can live to fight another day. I don't mean to sound overly pessimistic, in truth my nature or personality is that of general optimism although I would admit that even optimism can be a liability when it comes to trading....hence, risk management! Best to you, my sincere hope is that the market bounces next week and that GEM will yet see the anticipated "Wave 3" come into being... So far, no cigar...not even close.....YET. Best regards, Eichler Hope this explanation helps.....