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OEXKP trade closed at 19 after purchase at 15.
BobR
John, that is precisely what I was waiting for this morning. A sell off
and a chance to get long. The McClelland Oscillator has been working on
the right shoulder of a complex bottom. The Modified Volatility indices
gave a buy using closing data yesterday and the Virtual Mirror gave me an
entry this morning in the first fifteen to thirty minutes.
BobR
At 11:28 AM 11/12/97 -0500, G.John Boggio wrote:
>Realtraders,
>
> Enclosed below is a symmetrical short-term analysis of the S&P 500 using
>a 15 minute time frame. For the purpose of this analysis, I will be using
>the December futures contract (SP Z7).
>
> Several days ago, I posted an analysis titled, "MKT Symmety S&P 500
>Long-term 11/6/97" and in my P.S., I referred to an small internal wave
>structure that measured approximately 3900 basis points (actually it
>measured 3950 bpts). Anyhow, here is a continuation of such analysis.
>
> Since the 10/28/97 low of 844, the market rallied to a high of 94150 on
>10/29/97 which will be referred to as Wave A. Subsequently, the market
>declines to a low of 90200 on 10/30/97, Wave B. This decline measures 3950
>basis points (and was referred to in my earlier post as mentioned above).
>The leeway (rule) will be 20% of 3950 or 790 bpoints. Therefore, our target
>zone will be in the range of 3160 - 4740 basis points
>
> Next, from the 90200 Wave B low, the market rallies to a high of 95500 on
>11/5 (Wave C), and again begins to decline to a low of 91750 on 11/7 and
>this decline measures 3750 and MATCHES the original Wave A-B. (Note on
>11/7/97, I sent a post to the forum indicating that we had a symmetrical
>match and that you should have avoided selling at that time).
>
> Since that 11/7/97 low of 917.50, we rallied to a high of 94000 and
>again have been selling off ever since. At present, we have again formed a
>new low, lower than the 91750 level and currently stands at today's low
>91300. If we measure this low from the Wave C high of 95500, we get a
>decline of 4200 and are still within the original Wave A-B leeway zone.
>Thus we STILL HAVE A SYMMETRICAL MATCH. Also note on the chart that we
>have just hit he 38% Fibonacci retracement level base on the 844 low and
>the 955 high. Further, notice the oversold and slightly divergent
>Stochastics oscillator which adds to the confluence and is also suggesting
>that we have reached a temporarily support level.
>
> How do we play this? Don't sell at this time. As a matter of fact, for
>the short term traders, look to go long! Personally, I just bought the S&P
>and also AMAT and YHOO and will be looking elsewhere to go long. However,
>this is for the short-term trader and these positions will be sold most
>likely in the next few days.
>
> Based on my symmetrical analysis, I have a protective STOP placed on the
>SP Z7 if the market declines below 90760. Please note: I do see some mild
>support at the 90200 level which may appear to provide support to the
>market BUT since we would have BROKEN THE ORIGIANAL WAVE A-B WAVE
>STRUCTURE, I DO NOT BELIEVE THE 90200 LEVEL WILL HOLD FOR TOO LONG and a
>more serious resumption of the decline will begin.
>
> With the above paragraph being said, I believe I jumped the gun a little
>because I just wanted to briefly talk about the psychology of the market
>and my interpretations/expectations of today's Federal Reserves Board
>Meeting. Basically, I believe the Federal Reserve will do NOTHING today,
>especially in lieu of the recent Asian market turmoil. Thus, I am
>expecting a "relief rally" to emerge later today and when you combine this
>with my short-term analysis as discussed above, I do foresee some
>opportunities that will emerge. However, this relief rally should be
>relatively short-lived with my early projection for a rally to the
>95500-96500 level (currently we are at 91900). Therefore, be prepared to
>sell into the rally or to use tight protective trailing stops so as to lock
>in profits along the way.
>
> Finally, once we get up to the 'early' projected level of 95500-96500, I
>again am expecting a rollover in the market. And a serious continuation of
>the decline from the all time high should again begin. This decline should
>be in the magnitude of 20.5% as specified in my long-term analysis of the
>markets using this method of symmetrical wave analysis.
>
>Hope this helps. Questions, comments and concerns are always welcome.
>John Boggio
>
>
>Attachment Converted: "c:\eudora\attach\sysp1112.gif"
>
>For recent commentary and more informations regarding SymWave, please go to:
>
>Commentary: http://www.realtraders.com/boggio/disc7_toc.htm
>Info regarding SymWave: http://www.realtraders.com/boggio/boggiobio.htm
>
>Thank you.
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