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

To: jjstingray who wrote (100951)	7/8/2004 4:37:54 PM
From: elliottrules	Read Replies (2) \| Respond to of 209892

jj, I think we have 5 down in the Dow, SPX from the 6/23 high and Naz from the 6/30 high. That decline is a 'C' of 2 (very bullish) or like you have been saying a 1 of a larger 'C' or 3rd (very bearish). So far, you have been dead on and doing a great job calling most everything. Way to go. I think a good case could be made for either one. Structure of the next rally is important. Today's close in the Dow 10171 was exactly 50% of the rally from 9850 to 10483. The naz, 61.8 is 1430, we closed at 1431. So, went home long 1 from 10171 on the close. Tight stops as always. The NYSE Composite sure looks like it is finishing up a 2nd wave. ttrader.com Market is deeeeeeply oversold, and in some ways the level of fear is greater here at 10170 then it was at 9850. I heard to things on bloomberg the past 2 nights that make me a little more bullish that bearish. 1 was a from an x Japanese Finance Minister who said that the recovery in Japan would falter. The other was that China slowing economy would cause problems around the globe. That stock market looks like it is going to explode (unless we are just completing a 'B'). Later.