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To: skinowski who wrote (147001)	7/31/2007 9:50:52 PM
From: Shack	Read Replies (1) \| Respond to of 209892

Been wrestling with what degree we are correcting as well ski, I think your scenario is viable, but its a best-case scenario forme. BTW, have a look at the SCHW weekly. Besides noting the obvious ED over the last 18 months, tell me what you think of the larger pattern, going back 10 years or so. I am not comment beyond the fact that $13-$14 is a "lock". (you pick up any GD poots?)

To: skinowski who wrote (147001)	7/31/2007 10:37:34 PM
From: Henry J Costanzo	Read Replies (3) \| Respond to of 209892

<<Therefore, the odds are that the decline is "correcting" not just the wave since last March, but the advance of the next larger degree -- which would be (imo) the entire rally since Oct 2005.>> That was precisely my conclusion presented on Sunday..that the wave being corrected was the entire rally since Oct 2005... I also noted that the correction...as is frequently the case...might extend into the 4th of lesser degree...that is, into the bottom of the March correction...as low as 1364. Of course...as I noted to Shack...if the wave ending in June was a terminal impulse (a 5) rather than an intermediate one (such as the 3 I had labeled it), then a more substantial downturn would lie ahead. I do not myself yet see any basis for the foregoing supposition, but I agree that Shack has accumulated enough ancillary evidence to indicate that that may indeed be the case...and something which should be watched carefully.. BTW...I would love to see someone present an EW count from the 2002 low different from the one I have presented....After all, this IS an EW "workplace"...LOL