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To: Shack who wrote (98252)	5/29/2004 3:47:22 PM
From: NOW	Read Replies (1) \| Respond to of 209892

look at CFC: amazing triple top area here. if it goes higher, does that indeed mean housing bubble is alive and well?

To: Shack who wrote (98252)	5/31/2004 8:26:16 AM
From: skinowski	Respond to of 209892

It's interesting... Charts like JPM and ONE look like completed five-wavers on the dailies, but on the weeklies the 3, 4 and 5 are merged into a single move, making the entire decline into a "three". It probably makes sense to count the drop into the May low as a "5", and yet, a year from now, when someone looks at the weekly chart, there is no doubt that they'll see it as a three-waver. The question is not entirely theoretical, of course... -g. Another quick observation - the bounce in leadership stocks like C or JPM or ONE so far has been much shallower than the rebound in the BKX, which already reached the level of the putative Wave 4 on the daily. This ties in with the recent "McLellan phenomenon" - when the breadth reached historical extremes, while the leadership - as best represented by the major indices - were flattish and relatively underperforming. It is like troops leading the generals... will be interesting how this resolves. ---in edit, thinking about it, on a short-term scale we already have the answer, since the DOW and other majors in the end did have a strong bounce. But still, I think the question is still open.