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Received Before the bell: Posted late.
Extracts Mentorspeak
Oct 30, 1998
I am now almost certain that we are in the 4th wave before a 5th wave
extension. Yesterday's market action seems to suggest that the
a-wave of this 4th wave completed and the b-wave has started. If the
market is indeed going to open up a 5th wave extension, then in all
probability this b-wave will exceed 8652 (I do not know by how many
points) and the subsequent c-wave downwards will terminate the 4th
wave. As I mentioned earlier, the 4th wave will not terminate at a
level below 8200. We can attempt to calculate the approx. termination
point of the 4th wave when we get an indication that the
upward b-wave is over. Bear in mind that if the b-wave exceeds 8775
then the c-wave will fail, i.e. it will not go below 8328.
Alternatively, it just might be possible that the 4th wave terminated
at 8328 and the 5th wave has begun.
As mentioned earlier, the extended 5th wave will have a minimum length
of 1186 points.
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