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To: Henry J Costanzo who wrote (113748)	2/17/2005 1:35:47 PM
From: The Freep	Read Replies (1) \| Respond to of 209892

There's certainly some wedges in the 60 min time frame in non-tech. They're broken here. On the dow, there's a trendline from Jan 28th on the 60 minute that's also broken. What will be interesting to see is if the market can do any sort of bearish followthrough, as it has NOT done any such since Jan 24th. In theory, this wedge break on the S+P should get things down to 1195ish, OEX 572.5ish. But that's a theory only <g> I'd also point out that a correction here doesn't mean much in the bigger trend, yet. We had 5 waves up out of the lows in the non-tech indices and the SOX, I'd say. So is this new down, or just a 2... or the dreaded "more complex correction"? the freep

To: Henry J Costanzo who wrote (113748)	2/17/2005 1:55:31 PM
From: skinowski	Read Replies (3) \| Respond to of 209892

LOL!... I even did a google search for "kosher elliott waves", but not much came up... -g. But Shack is right. It is important to have general knowledge of EW structures. I have a theory -- for as long as markets are bullish, people are turned off by EW, Fibo's, etc. And rightly so - why bother if you can simply go with the trend. Bear markets, otoh, are perceived as being scary and confusing, and since the perception is that "business as usual" ain't working, people begin to search for a methodology which could be of help. How many spoke the EW language prior to 2000 top? Not many.