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In a message dated 97-08-15 13:15:49 EDT, you write:
<< ......and your conclusion from this is?
Suspendedly,
Norman >>
Norman,
Sorry. As someone mentioned here, there is a terrible tendency to assume
everyone is familiar with all subjects, because the technical nature of this
forum.
After an ABC correction, the assumption is that the entire pattern is a
complete Elliott formation, that marks the end (in this case) of the recent
drop. In other words, I'm suggesting that if this scenario is valid, we must
move up, through the upper descending trendline. Unfortunately Elliott gets
complicated very quickly, but if we do bottom out here, and surge up through
those trendlines QUICKLY, then consider the ABC (Flat) as complete. The
complicated part comes when it's time to decide if this Flat is "all there
is", or is it just part of a larger corrective pattern, perhaps a triangle.
All I do is set trendlines for different scenarios, and wait to see where we
go.
As I write at 1.30pm, the Dow is down 120 @ 7821. We're still between
trendlines.
No action taken until they break.
Hope this helps,
Peter
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