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

To: jjstingray who wrote (69343)	3/21/2003 10:01:31 PM
From: Shack	Read Replies (2) \| Respond to of 209892

My god man, you don't think this is an impulse? Sure looks like one to me. I've heard some discussion about the structure of this move, but what structure is there really to debate? Its a straight shot. But for the sake of argument, if you break it down into an hourly chart, I see 5 waves ending near today's highs, assuming we don't subdivide. And this is the problem with Elliott. Often you don't know what you have until its done. Allan made an interesting comment about how e-wave is great at turns but not in the middle. I never thought of it that way but it makes a lot of sense. Any wave head worth a lick was long at the March 12 turn because the set-up was awesome no matter what the larger count. But now its not much help except in projecting the next turn which I now have at 9250-9400. I'll tell you what, scroll through some WEEKLY charts and see how many stocks had a 5 wave move (or a straight shot) out of the Oct lows, than a 3 wave decline/consolidation, and are now busting up. You can start with JPM, EDS, and IBM. The LEH H&S hounded, so did the PG big wedge break as did many others. Many of my indicators are saying a top is near but the charts are all saying we go much higher.