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To: stevemanuk who wrote (122299)	7/26/2005 8:04:16 AM
From: skinowski	Read Replies (1) \| Respond to of 209892

Good question. When you see a wedging structure consistent with being an ED, it pays to go back and engage in some "reverse engineering" - namely, looking for a consolidation which might have been "4" or "B". I don't think such a 4 or B "must" be horizontal. It could be small, or could be some sort of a running consolidation. In case of SPX, it could be the Summer of 2003 - or, as I believe Shack saw it - the decline into Spring of 2003. A bit stretched out, but doesn't break any rules -- and, will do fine as long as the more recent series of wedging "threes" plays out.... -g/ng. As I googled the issue looking for an illustration, I run into yet another German Elliottician... who sees 2004 as Wave 4 of the "final" fifth... and is projecting an ED into some time in 2007. Posting this FWIW... I doubt that he is right. Warning: Computer translation. translate.google.com