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<x-rich>Realtraders,
On 9/17/97 I wrote the following in a post titled, "MKT Symmetry SP Z7 15 min 9/17/97":
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Using symmetry wave analysis, we have only 1 wave structure that we can follow over the last few days. Enclosed is a 15 minute chart of the SP Z7 since Sept. 10th. I have drawn green symmetrical lines which indicate the relationships of the past pullbacks since Sept 11th. As you can see, the original Wave 1-2 began on 9/12 and measured 1175 Basis points and creates a leeway of +/-235 pts (20% rule) or a target zone of 940 - 1410 points....... With respect to this next buy signal, if we know that the market has already had 2 symmetrical pullbacks, then why not expect a third. Therefore, at the present time (10:15am et 9/17/97) the SPZ7 has a high of 96100. Thus, we are looking for a symmetrical decline of the original Wave 1-2. In this case, 1175 points +/- 235. Therefore, based on the current high of 96100 just subtract 1175 point and you get an exact level of 94925, +/-235 pts. This level is subject to NO HIGHER HIGHS above 96100. If we do make a marginally higher high, then just subtract the 1175 from that NEW high.
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Update, based on the above written commentary, I was looking for a decline of 940-1410 bpoints on the SPZ7. Well, as you know, we declined 940 points as seen on 9/17/97. Thus a buy signal was given...albeit an early entry buy signal based on symmetry wave theory. Subsequently, the SPZ7 rallied from the 95160 level to a high of 97050... a nice short-term advance. Again the market got overbot and preceded to again rollover. (This took place yesterday 9/18/97)
As of yesterdays close the SPZ7 had a low at 95550. If we subtract the 95550 from 97050 we get a decline of 1500 bpoints and THIS DECLINE IS GREATER THEN THE ORIGINAL WAVE 1-2 WAVE STRUCTURE. THEREFORE FAILURE HAS TAKEN PLACE. YOU SHOULD HAVE SOLD YOUR LONGS (BASED ON THIS SHORT-TERM SYMMETRY ANAYSIS). If you are still long based on my past posts, you should look to sell your short-term long position. As I write this, it looks like the market is going to open lower, I would wait a few minutes before placing your order and try to get a bounce in the market after the initial downward open.
Athough we do not have any other symmetrical wave structures since the Sept 11th low, I am looking for pretty good support in the 94000-94750 level possibly today or in the next few days.
John Boggio
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Attachment Converted: "c:\eudora\attach\sysp1909.gif"
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For recent commentary and more informations regarding SymWave, please go
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<center>Commentary: http://www.realtraders.com/boggio/disc7_toc.htm=20
Info regarding SymWave: http://www.realtraders.com/boggio/boggiobio.htm=20
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</center>Thank you.</x-rich>
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