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To: stan s. who wrote (42702)	4/19/1999 10:35:00 PM
From: Gary Burton	Read Replies (4) \| Respond to of 95453

This rally started from the Apr 7 low of 60.52 and imo will end only when it completes a 5 wave sequence. So far, we ended wave 1 at 66.29 on Apr 12, did a wave 2 retrace to 61.78 on Apr 14 and then ended wave 3 at today's high of 77.78..with wave 3 being 2.7x the length of wave 1, almost a textbook EW ratio (2.618). Wave 4 often retraces approx 38% of the length of wave 3 (usually not over 50%) and this would put the end of the dip (which started from today's high) at somewhere in the 69.8-71.68 area under classic elliott, although the dip could well base out above 72 in the current fast market and might have even based out at this afternoon's low dip print of approx 74...From the bottom of 4, a classic wzve 5 would be about 6-7 pts, which would put the top of this particular rally (that started from 60.5) at 78-80, essentially a double top with this morning's high. I suspect this will be hit by the end of this week...the 10 day rsi is now only 55 so there's time... Only after that would I start to focus on the extent of the subsequent partial retrace of the entire 18ish point move from 60ish...my 2c