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To: Moominoid who wrote (132510)	5/7/2006 11:01:45 PM
From: skinowski	Read Replies (1) \| Respond to of 209892

this ED is coming as the 5th wave of what seemed to be a larger ED itself, starting in mid 2004. The SPX action since Aug 2004 does look overall kinda wedgy, but I doubt that it is an ED - mainly, because the top in August '05 does not qualify as Wave 3. I think the rally since 2004 leading up to the ED in question is more likely a series of ABC-X-ABC's - aka Multiple "threes". In any case, right now we have a very interesting juncture - if this ED decisively "hounds", it will break the (broad) line which connects the tops going all the way back to Jan 2004. (And if it breaks down from around here, that would be a perfect spot for that too, chart wise) Sentiment is mixed. Can't really use it for now.