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PJLaird@xxxxxxx wrote:
>
> If the drop from the high on 8/19 to the low on 8/22 is a five wave move, it
> is possible it is a C wave that has finished the correction from 8/7. I have
> my doubts because of the short time frame as compared to wave A, but best to
> be wary of the possibility. If this is the case, then the rise late Friday
> could be wave 1 of the final 5 of the move up from April. Today (8/25)
> finished that wave 1, and started wave 2. Wave 3 would take us, at an
> absolute minimum, 8100 on the Dow (1.618 times wave 1).
>
> Another "up" scenario anyway. Higher in two days? We'll see.
>
> Peter
I assume you mean the high made on 8/21??? of course you do.
In the Cash SnP 100 & 500 the days move brought them down 14.46 an 13.64
respectively.
I would put my money on that the A wave is in. It still is. I have two
places where a low might occur tomorrow or Wednday, if its not in
already. They are 18.85 points (377 ticks)
and 21 points from the high made today, either the OEX or SnP 500.
Lower than that....WHO knows. But the retracement from 8/22 to today
went to far, in my opinion, to qualify as part of an A wave..
Humbly,
Don Thompson
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