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

To: Chip McVickar who wrote (19466)	3/25/1999 9:18:00 PM
From: SE	Read Replies (1) \| Respond to of 44573

Chip, Looks to me like the most probably stopping point will be 1310-14 SPX. Now, to get there by tomorrow at 11 am will be a stretch, BWDIK! :) -Scott

To: Chip McVickar who wrote (19466)	3/25/1999 9:26:00 PM
From: Bull RidaH	Read Replies (2) \| Respond to of 44573

Chip, This one's real simple... No need to throw complex wave talk at ya. Wave 1 down from Friday's opening high ended at 2:15pm Wednesday. We've been in a wave 2 rally since. Wave 2 rallys usually retrace 50 to 61.8% of Wave 1. This one has retraced just over 50% so far, that point being 1302.6 SPM. Wave 1 was roughly 70 S&P points in size. Wave 3 (the next wave down) MUST surpass the point where wave 1 ended, and can be no more than 7 times the size of wave 1. Guidelines state the most likely size is 1.5 to 3.5 times the size of 1, or 105 to 245 S&P points. Something in the middle of that range would fit in nicely with my bigger picture read, which still calls for a 15 to 25% correction during the next couple weeks. Regards, David P.S. Looks like likely fork resistance will be right at 1300SPX at that time (11am)... If you position one with Middle Tine anchored from Friday's high, Lower Tine anchored from Tuesday's late day low... The Upper Tine is coming through 1300 and a little at that time... Notice how the middle tine repelled rally attempts on Friday and Monday. Got any takes on that?