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

To: Compadre who wrote (13867)	5/14/1999 11:30:00 AM
From: j.o.	Read Replies (1) \| Respond to of 99985

On the Nasdaq we seem to have just filled the gap created between Monday's close and Tuesday's open. It looks like this level should be pretty important. Much further down on the Nasdaq and we are going to break down into wave 1 of the upmove which began Wednesday of last week. It looks like we are now in Wave 4, but if we move a little bit lower my wavecount looks to be off, and we will now begin a 5-wave downmove in the Nasdaq. That would mean that we have just completed an A-B-C correction and the trend is down. Ooof. To me it looks like the near-term support in the S&P (drawing a trendline off of the last two bottoms) is just under 1340. Below that we would be departing from our rising wedge (on the daily chart) to the downside. Not exactly bullish if this comes to pass. j.o.