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

To: set who wrote (19450)	5/29/1998 12:04:00 PM
From: Bull RidaH	Read Replies (3) \| Respond to of 94695

I define "holding above 1100" as staying above 1100 for more than 30 minutes, and going 5 or more points into 1100 + territory was the clincher. The count from the 4/6 beginning of the Primary Wave 2 correction is as follows: Wave A down began 4/6 and finished 4/27 Wave B up began 4/27 and finished 5/14 Wave C down began 5/14, and is still in process. Wave C's in this type correction are always composed of 5 impulse waves, and when the 5 waves are complete, the correction is over. Here is the 5 wave breakdown thus far. Wave 1 down of C began on 5/14, and ended on the 5/18 lows Wave 2 up of C began on 5/18, and ended on the 5/21 highs Wave 3 down of C began on 5/21, and since it is extended, will break down into its own set of 5 waves. The breakdown thus far is: wave 1 down of 3 of C began on 5/21, and ended on the 5/27 lows wave 2 up of 3 of C began on 5/27, and ended at today(5/29)hi's We are currently in wave 3 down of 3 of C, and it could last 1 to 2 days, and visit the 1070 area or lower before it completes itself. This scenario IS more bearish than I originally planned on, and will lead to a longer lasting correction, and could target the mid to lower range of the zone I had discussed earlier for the bottom of this correction (1030 to 1070). I'll review these projections this evening, and give a number I think is most probable later this evening. Regards, David