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To: ajtj99 who wrote (77559)	7/17/2003 9:29:59 PM
From: skinowski	Respond to of 209892

AJ, the way I see it, after the NDX top on 6/6 there was a corrective formation, which was over by July 1. What followed was an impulsive rally (we've just retraced it by 50% as of today). Right now we are somewhere in an "A" or "1" down. 1231 is a S/R level - and may well turn out to be an "attractor" of some sort - but it is not part of any corrective structure since 6/6.

To: ajtj99 who wrote (77559)	7/17/2003 9:45:12 PM
From: skinowski	Read Replies (1) \| Respond to of 209892

Actually, SPX is easier to interpret in a bullish way (all on 60 min): The top on 6/5 is followed by a 5-3-5 correction into the 7/1 low (with the "b" of the correction reaching new highs). In this scenario, the rally out of 7/1 has been a half-arsed impulse into the 7/9 top. After that, witness another correction, a 3-3-5, and in this case we are now in the later stages of that last "5" and will be ready to rally - maybe from a point which would correspond to your favorite NDX 1231 level... g/ng.