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

To: Vitas who wrote (29462)	10/1/1998 9:22:00 PM
From: Bull RidaH	Read Replies (3) \| Respond to of 94695

Vitas, That Sept. '90 up consolidation action was wave 4 in a 5 wave move lower. The 5 wave move started on 6/5/90, with wave 1 ending on 6/27/90. wave 2 corrected up til 7/16/90. Wave 3 picked up from there, and ran til 8/23/90. Wave 4 corrected up til 9/10/90. Wave 5 washed out at the lows of 11/8/90. This 5 wave move was the C wave in a larger ABC correction that began from the 10/10/89 peak, with the A wave completing on 1/30/90, and B completing on 6/5/90, and C completing on 11/8/90. If you wanted to compare our current situation with that of this period, then you would work with Carl "The Hit-Man" Hittle read that we are currently in an ABC correction that began from the 5/4/98 peak, with A completing on 6/15, B completing on 7/20, and C running through its final paces, just completing the 4th of 5 waves from Tuesday 9/29's peak, and the 5th wave of C selloff in progress now. He may be on another read by now, so you better check if there's $$ on the line. I think the read is possible, but I can't endorse it, as I believe we're tracking the '29 move, and that we're still just in the A wave from the 7/20 peak, and still in the first huge wave down (wave 3 of 1 started from 9/29's peak). I'm expecting the market to get cut by 40 to 50% from the 9/29 peak by November option expiration, with tomorrow's early morning rally peak being a perfect time to add to shorts. Regards, David