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Realtraders,
I don't have a lot of time to do a complete write up but I just wanted to
make a few comments. Currently it is 10:15am est and the SPZ7 has just hit
the 95000 level.
Attached is a 15 minute chart of the SP Z7 and on it you will see a white
line drawn from the 95200 to the 91000 (numbers are approx. due to time
constraint). Anyhow, this is Wave 1-2 and measure approx 4200 points. On
10/7/97, Wave 3 was formed at 99200. Since then, we have declined to the
current low of 95000 or 4200 points or our Wave 4 bottom. An exact match
has occurred. Further, my short term Stochastics is extremely oversold and
I am getting a BUY signal to go long NOW. Please remember that this is a
short term chart and to set your stops accordingly. Based on this wave
structure, your stop loss will be 94160. Right now I am looking for a
bounce to the 96000 to possible 97000 level at which point I will reevaluate.
Hope this helps,
John Boggio
PS For those who are not futures traders, remember, this analysis is good
for the general direction of the overall market.
PPS As many of you know, last week I did an analysis on Silver. Just to
update you, the Symmetrical wave structure has FAILED and you should have
gotten out when it broke below the 4.98 level as stated in that original
post. However, I also made reference to greater support in the 4.86 to
4.95 zone for silver....So far this has held!!! I still like the precious
metals markets in general.
Attachment Converted: "c:\eudora\attach\sysp1017.gif"
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