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Realtraders,
Currently it is 10:25am est on 12/19/97 and the S&P 500 is down 18.74 to
936.56. I just thought I would show you a potential symmetrical wave setup
that is currently taking place. Please take a look at the attached 60
minute chart of the S&P Cash market which dates back to the October high.
You will notice that once we made our October LOW on 10/28/97, the market
rallied to 949.62 on 11/5/97. This will be the Wave 1 high. Subsequently,
the market pulled back to 900.76 on 11/13/97, and is called the Wave 2
bottom. This decline measures 48.86 points. If we calculate the 20%
leeway, we get a +/- range of 9.77 points or a zone of 39.09 to 58.63.
From the Wave 2 bottom, the market again rallied to 986.14 on 12/5/97
this is our Wave 3 high. Since that high, the market has pulled back to
our current level, which (as I write this) is now 931.58 (down 24.00 pts.)
and is POSSIBLY forming our Wave 4 bottom. If we measure this Wave 3 - 4
decline, we get a magnitude of 54.56 AND WE HAVE SYMMETRICALLY MATCHED WAVE
1 - 2. Therefore, believe it or not, I am looking for some sort of support
RIGHT NOW!!! Further, several of our 60 minute oscillators and indicators
of very oversold and are looking to turn up.
Finally, this wave structure is considered intermediate term in nature
and could provide support which could last for several days to several
weeks. Note, based on the above structure, you should place your stop loss
just below the MAXIMUM leeway value of 58.63 points from the Wave 3 high or
in the area of 927. Also, I would just like to say, that I would not enter
a new long position at this exact moment. It would be like trying to catch
a falling knife. Personally, I would wait a little longer to see if we can
reverse this downtrend later today and also hold above our maximum leeway
level and if we do, I would be looking to go long at that time. Obviously
keeping a tight stop close at hand.
Hope this helps,
John Boggio
Attachment Converted: "c:\eudora\attach\SYSP1219.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.From ???@??? Fri Dec 19 10:24:24 1997
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Date: Fri, 19 Dec 1997 13:02:28 EST
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From: Jones64867 <Jones64867@xxxxxxx>
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Subject: GEN: NYFE AND S&P
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Hello Realtraders,
I feel like I take from this forum and never have anything to give back. I
think I have
come across something though that hopefully is of interest to those of you who
trade the stock indices like the NYFE or the S&P. I myself trade the NYFE, so
the data I'm about to give you comes from a NYFE daily continuation chart.
However this should apply to the S&P aswell.
I have had Natures Pulse now for a couple of months and am always finding new
ways to use the program. One key date that I have been studying which
correlates
with Eddie Kwong's date is 1-06-98. Now lets go back to August and see how
all of this correlates.
The question I've been asking for months now is how can I tell if a Key Date
is a
high or a low. Here is what I've come up with....
8-7 Major High 8-28 Minor Low
9-5 Minor High 9-25 Minor Low 9-7 was on a Sunday
10-7 Major High 10-27 to 28 Major Low
11-5 Minor High 11-25 Minor Low
12-5 Major High 12-26 to 12-29 ???? Maybe a low
1-6-98 ??? Maybe a minor High? And how about 1-27-98 maybe a major low?
We'll see how the futue plays out. For the past five months though around
the
7th of the month we've hit a high and around the 27th of the month we've hit a
low
of some sort. Also if you notice that our triple top happened almost exactly
to the
dates the 7th of every other month. August, October, December.
I hope this is helpful.
Happy Trading,
Vaughn Jones
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