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To: Bruce McGaughey who wrote (9531)	4/7/1998 12:50:00 PM
From: bobby beara	Read Replies (2) \| Respond to of 116764

Bruce, as you have found, interpreting Elliot Waves and assigning letters and numbers can be tricky. I am not sure whether I would label the leap off March 20th wave 1 or not yet, which would mean we are in Wave 2 correction and Wave 3 will be a dilly. I am looking more at this from the larger h&s formation as the final pullback to the neckline before the crash (up that is -g-) I try to keep a long term outlook, but also allow for short term trends that may disrupt my long term outlook. I also think the the patterns of human behavior that result in waves are most evident at market peaks. bb