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

To: Death Sphincter who wrote (19193)	5/27/1998 2:34:00 AM
From: Bull RidaH	Read Replies (4) \| Respond to of 94695

Hi Carl, My magic technical #'s for the end of this correction are as follows: MCLellan Summation: -300 to -500 5 Day Trin : 6.3 or higher NYSE New highs : <25 NYSE New Lows : >300 VIX : >29 These #'s should correlate with what we saw on these indicators from the 4/97 & 7/96 primary wave corrections. Of course you can look for other items like a high volume selloff/reversal day, and a double bottom or Ascending Triangle on a 30 minute chart, and a Tick reading of -1500 or worse. I use put call activity indexes to see turns, and I would need to see a 4 to 1 activity ratio or better(Puts over Calls) to get confirmation from that indicator that the bottom is in. The next Bradley Turning point is May 29th + or - a day or so, so that date (Friday) could loom large as a significant turning day. I give the low 1070's a 60% probability of holding this selloff, the high 1050's an 85% probability, and the low 1030's a 99.9% probability of holding prices from heading lower. So I think it's more likely than not that the low 1070's will hold. Of course, it ain't over til these 5 waves down end. Where are we in your count now? What part of 3 of C? Regards, David