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To: velociraptor_ who wrote (9586)	3/24/2003 8:14:28 PM
From: mishedlo	Respond to of 10157

Brian From the chartlist: tinyurl.com The decline today could either be a retrace of the move from 788 OR the start of the next move down, and this is where EW can really help in deciphering the intermediate trend. If the trend is still up this decline will trace out 3 waves down from Friday's high before turning up, but as long as this move traces out 5 waves down at progressively larger scales, the trend will still point down. At the first sign of a 3 wave move, it's time to adjust for a change in direction. I have today's decline labeled as 'a' and 'b' (grey), but it could also be 1 and 2. The decline from the open today traced out 5 waves (seen on a 1-min chart), which suggests that there is more downside ahead. I'll point all this out on the chart above when it presents itself. Right now it looks like wave a (grey) has completed, but wave b may have one small move up before wave c (grey) starts - or it may have ended at 869 today, which would call for selling from the open tomorrow. stockcharts.com All the Best, Brian