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

To: skinowski who wrote (60773)	12/4/2002 12:08:06 AM
From: Shack	Read Replies (4) \| Respond to of 209892

A break below 1075 would make the entire rally look corrective. I think we're way past that. This rally is now taking on some ultra-bearish characteristics, the launch, a brief pullback, now a chopping wedge like structure to finish it off. I am trying to put this wave in the larger context on most indices and it has come down to a couple of options for me: 1) moderately bearish The Oct 10 low (or possibly July 24 for some indices) ended this phase of the bear and we are in a nasty multi-year B wave which will range between the recent lows and I would guess not much more than the August highs. That means corrective BS for a long time. 2) ultra-bearish The Oct 10 low began wave '2' of a large 'C' wave which began last March. Yes, that means a crash wave is on tap. Your recent comments about the diagonal on the SPX for the 'C' wave out of Oct 29 looks good to me and is a perfect prelude to a crash wave. If that is the count, I think tomorrow we may actually begin the 'v' up of that ED and I will try to get long. SPX 980 is a target I have in mind to satisfy some Elliott rules. Believe it or not, the most bullish thing for this market would be to get a decent corrective down to help get the indices out of this thin air and replenish their oxygen supply. If we keep grinding higher then I think its a major lights out.