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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Tom Trader who wrote (15784)	2/17/1999 10:42:00 PM
From: Bull RidaH	Read Replies (1) \| Respond to of 44573

Tom, Know how you're feeling. I am influenced by a momentum oriented system based on the Barnes moving average applied to a 60 minute SPX chart. The whipsaws this week have produced a string of losses on my system that i haven't seen since the whipsaw action of last May. I guess it's hard for anybody but the "experts" like Ike and O.J. to make $$$ in this kind of market... right? <g> Check my post to I2 on the explanation of the symmetrical triangle pattern projection. What concerns me about this case and the possiblities of more down is the strong bounce we saw off the 1221.50 SPX area (the minor triangle break target) and the fact that a 16 day cycle low was due in today. As i've posted all week, the bare minimum for this down move was 1224 SPH, and the maximum around 1197 (which i will now officially lower to 1186.50 based on the revised starting point of this wave down). 1224 was obviously hit late today. These requirements were derived from EWA which says a 5th wave in a leading diagonal must retrace 80% of wave 4, but the 5th wave must not be longer than the 3rd wave. Simply put, we have met the downside minimum objective on this move down from Tuesday's highs, but could go further. For tomorrow, i believe we'll have residual weakness on or just after the open, and should come awfully close to today's lows on futures and cash. I plan to cover shorts on the test of these lows, and go long. If 579.15 NYSE cash is broken below anytime tomorrow, I will immediately close longs and revert back to the short side, with a target of something below 1190 SPH for the trade. If we see strength before weakness in the a.m., 1236 SPH should halt the bounce. Regards, David