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Strategies & Market Trends : Moomin Valley (formerly Troll-free Zone) -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (348)	12/28/2001 9:16:50 PM
From: bobby beara	Read Replies (1) \| Respond to of 2852

I don't necessarily agree with any of his other counts, i was just pointing out the 5 wave count from the may top, which was not evident to many, and i was also a little slow to recognize it after the bottom, the extended fifth wave looks like a 3, the big rally on oct 3rd and the elliot count on amd, jnpr and a few others changed my mind quickly. i try to stay out of big picture wave counts, they tend to be elusive, i try to stay st to it, i use e-wave as an adjunct to other indicators, not as a main indicator. right now i think we've made a wave 5 top on nasdaq in early december and we are in a corrective phase that could last another month or so. the alternate count is that we made a 3 in early december and today's gap across the downtrendline will be followed by more buying that will carry is up to test the recent highs and maybe even to the may highs, the high RS big cap techs did not take out their downtrends from the early dec top like intc and dell, msft has been contained in a rising wedge from the nov low and csco has made new lows below it's nov low. The way the networkers are looking it wouldn't surprise me to see a high profile networker give up the ghost during this corrective round, it would be good for the market overall to flush some of the capacity out of the system. I think we've seen the level of maximum pessimism for this go round in sept. and all the bears calling for new lows in the near future are all whett -g-