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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: SE who wrote (17775)	5/1/1998 10:49:00 AM
From: donald sew	Read Replies (1) \| Respond to of 94695

Scott, >>>>> I have a service that believes we are in the five wave pattern up to take the S&P to 1142.4, the monthly up-pivot. <<<<<<< Not that I am an E-Waver, but I believe that we are in range trading mode that could take us slightly higher. I have the trading range at 8750-9300. Right now the SPX is at 1115 so to get to 1142 it would be about a 27 point gain. Just for reference to compare that with the DOW, using a 9:1 ration 27 SPX points is approx 243 DOW points. Since the DOW right now is slightly above 9100, that would mean that the DOW would get to around 9300-9350 if the SPX gets to 1142. Therefore feel 1140 range on the SPX is quite possible. Also feel that if we get to the 1140 it is most likely that we would need to get there by mid-MAY. Frankly, feel there will be alot of resistance at 1132, and if it gets near 1132 but does not exceed it, it will form a TRIPLE-TOP, which would further confirm that we market has reached an interim top for the mid-term. Such would set the stage for another pullback. Seeya.