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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: j.o. who wrote (10741)	4/12/1999 10:15:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 99985

j.o., i am aware of the fib 1357 resistance, but the broader market seems to be perking up (see Lee's post), new highs even beat new lows today. The wave count is unclear on the indexes. Let's see if the resistance holds. bb

To: j.o. who wrote (10741)	4/13/1999 4:36:00 PM
From: bobby beara	Read Replies (4) \| Respond to of 99985

j.o. have re-looked the wave counts, the indexes are not offering a clear picture, however the internets which are driving the market are giving possibly a better picture. I believe the internets bottomed in the 2/18 to 3/3 time frame, looking at different indexes and stocks and began leg one up, which topped with the market around 3/19, the correction into 3/24 retested the top triangle line of corrective wave that began on 1/12. I believe we are near the top of wave 3 now, however AOL and YAHOO topped out early and look like they may complete their corrective legs ahead of the rest. The OTX also supports this wave count - it is in corrective mode right now, would be looking for csco, msft and some others to possibly find bottoms in here. Interesting to note that the internets are driving the RUT, EDFY and FLBK the rocketships du juor. Might be a fertile area to do some prospecting. bb