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Realtraders,
Current time is 2:25 est on 1/29/98 and the SP H8 is up 14.20 to 99630
After a early morning pullback, the S&P FUTURES have now moved above the
downtrend and is now testing the old highs. I would like to think of this
area between the downtrend line and the old high, as purgatory or limbo
land. On a 15 minute basis, my stochastic oscillator is now overbot and
beginning to roll over.
What I am looking for, is possibly one more move higher, possibly to a
new high and then some form of pullback. At present, I do not know if this
will be a false breakout and then a minor pullback or possibly worse, a
major double top.
If I try to calculate the minor pullback based on symmetry wave, here is
what I come up with. Over the last two weeks, we have 2 wave structures
of decent size that we need to consider. The smaller one measures approx
10 S&P points and the second measures approx 30 points. Both of these have
a leeway of 20% based on those numbers.
Getting back to the current situation. Let's remember this, I am sure
there are a lot of 'stops' located just above the 1000 mark on the futures
and this will cause an explosive run-up in prices at that time. What will
be interesting, is HOW THE MARKET RESPONDS TO THE MOVE THEREAFTER!!!
Just some quick thoughts to ponder.
John Boggio
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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