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

To: Pierre J. LeBel who wrote (19469)	5/29/1998 2:40:00 PM
From: SE	Read Replies (1) \| Respond to of 94695

No, 3 of C is about to begin, right David??? 1 of C was a 5 sub-wave down. 2 of C was a three part ABC up which is ending as we type and 3 of C is coming on deck. The biggest part of 3 of C will be on Monday. -Scott Actually, I don't know if we are in 3 of C or in 3 of 1 of C. Could be either I guess. David can clear that up.

To: Pierre J. LeBel who wrote (19469)	5/29/1998 5:46:00 PM
From: Bull RidaH	Read Replies (2) \| Respond to of 94695

Pierre, Guess you got your answer, right? That followup post I made warning that this 3 of 3 of C move down might not start til 2pm was pretty close to on target. Actually, Wave 2 up of 3 of C did not end until 1:30pm, and Wave 3 down of 3 of C did not begin until that time as well. We had the first wave down of 3 of 3 of C that lasted until 2:10pm, then a wave 2 up of 3 of 3 of C that ran into 2:42pm. That was the discomfort you were feeling...from that sharp rally that spiked (i was concerned about one last spike, as mentioned in my prior posts) up, and took one last crack at running the shorts. When this rally subsided at 2:42pm, guess what began? You got it....3 down of 3 of 3 of C (That absolute fillet mignon of this entire nearly 2 month correction). We are still right in the center of the havoc it is wreaking as of the close. No premium futures to the cash on the close ;-)!!! Looking at the intraday chart now of the S&P futures for the past day and a half, a picture perfect "strong form" head and shoulders pattern was completed. And with the lower neckline being taken out to the downside at 1096, the pattern is activated with its relevant targets in place. This pattern targets exactly 1067.50 on the June S&P, and that will be the target for this 3rd wave down. I will cover all shorts at this level, and begin to initiate some core holdings in long positions that I will hold into the mid July market highs, which I expect will take the S&P well over 1200. So I hope you're still short, and trust that you're going to sleep very , very well this weekend, as we will no doubt awake to a beautiful setting of market decline on Monday morning. Regards, David