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

To: SE who wrote (36372)	1/13/1999 11:51:00 PM
From: Bull RidaH	Read Replies (2) \| Respond to of 94695

Scott, The "little bit more selling" that post called for on Wed. a.m. turned into a harsh selloff, but it was brief as predicted, and the retracement rally ensued as the pattern called for. At the lows this a.m., we completed Wave 1 down. The rally into the mid afternoon was just the "a" wave of an abc zig zag corrective (up) wave 2. From the mid afternoon peak, we proceeded to selloff nearly 20 S&P points, and completed the "b" wave of the abc corrective Wave 2. The rally that has now sprung to life on globex appears to be the "c" wave of this corrective wave 2, and should complete itself by mid to late a.m. Thursday. If this c wave matches the a wave in size, which is the most common scenario on zig-zag corrections, then we'd be looking for around 1270 as a price objective for the move higher. But the pattern calls for a minimum of 1252, and a maximum of 1294. My expectations are for somewhere between 52 & 70, and I wouldn't be too comfortable being long much past noon as a short term (day to day) position player, as the subsequent Wave 3 sell-off should take us towards the 1190 SPX area. Good luck! David