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Oct 8, 1998
Have been closely observing the market's behaviour. The fall from
7880 is not impulsive. It is corrective. This means that the 2nd
wave of the Vth wave is still in progress. Therefore, the 2nd wave
did not terminate at 7880. The a-b-c pattern from 7530 to 7880 is
only the (A) of the 2nd wave. The (B) wave is in progress. This
(B) wave will in all probability come to test the 7530 level and it
is very unlikely that the 7530 level will be broken by the (B) wave.
If the level is indeed broken it will be very marginal - say, 20 to
30 points. The (C) wave will then start upwards. As you know,
corrective patterns are difficult to analyse - so let us wait and see
where the (B) wave ends in order to consider the various options
before us as to the possible termination point of the next (C) wave.
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