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To: Henry J Costanzo who wrote (134059)	7/3/2006 1:30:30 PM
From: skinowski	Respond to of 209892

I agree with David that Friday was 4 of 3(orC), the said 3 or C having started on June 28. After this leg is done, we should have the moment of truth - Is the trend going to reverse back down - or, will we see a Wave 4 (of the move out of June 14. In the latter case, eventually we will have an impulse starting from the June 14 low, which would have bullish implications. In the bearish case, under 1257 or so the bullish scenarios would begin to look vulnerable. I see your projection of 1300. It must be based on the (putative) Wave 3 running 162% of W1. That's possible, but imo very often this relationship does not happen. I think it is likely to be less this time - and end under the June 2 high. Time will show.