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

To: John Madarasz who wrote (51595)	8/28/2002 6:10:56 PM
From: UnBelievable	Read Replies (2) \| Respond to of 209892

Why Do You Say That? If the up since the middle of July is a correction of the down from the March high 1176 and the July low 778, last Thursdays high of 963 was a 46.5% retrace. I believe that high was the end of the 3rd wave (up) of the C of that correction. We probably completed wave 4 down today. I would expect that at a minimum wave 5 (completing the correction) will get up to 963 and more probably to either a 50% level of 977 or even as high as 1024 which would be a 62.8% retrace. Time wise I would expect this wave to be about 4 - 5 days. Which would set the stage for the next 5 waves down to begin about Thursday of next week. I would not be troubled by a close this week above 940 (the WTC spike low is 944), nor if we get as high as 1024 before turning down (although I doubt we get over 1,000).