Elliotscope : Update (Reposting)

[Rajesh <rajesh@xxxxxxxx>]

Subject:
        Elliotscope:Update
   Date:
        Tue, 27 Oct 1998 11:09:27 -0500
   From:
        Rajesh <rajesh@xxxxxxxx>
     To:
        metastock-list@xxxxxxxxxxxxx




Oct 27, 1998
Extracts"

The market broke the presumed 0-2 trendline.  So remove this trend-
line from the chart.  We also now cancel the possibility that the
presumed 3rd wave could be breaking up into a 1-2-3-4-5.  Either a
4th wave is forming or a 2nd wave irregular failure a-b-c is in
progress.  I would tend to back the latter possibility.  For the
c-wave to fail, it should not go below 7878.  If it does not go
below 8084, it will be a running correction.  We have to closely
monitor the wave movement