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>From my view....the S&P's have a very high probability of taking out
the high's and thrusting up to possibly 1100-1150 this year.....why?????
Every decline that we have had since the high....has been a 3 wave
affair....I believe what most of you have been describing is a triangle
pattern...which is often a hesitation pattern.....which is usually resolved
in a thrust in the direction of the previous trend.......
Since this triangle pattern has been forming for over 5 months now....
the thrust out of it should be quite powerful.........
I would take a break above the highs in the S&P as a very bullish
event......for the Dow the break would be around 8000.
Often...the thrust out of these triangles is similar to the distance of the
first leg of the triangle....about 150 S&P points...1200 Dow points......
Think also, about this point...it works on stocks...futures...etc.....
IF what you perceive to be a negative event(Asia, Clinton) results in a
market acting positively....you better cover shorts and get long....the
market is telling you that it doesn't care....the market is always
correct...I'm not.
Just an idea.....Tom Stein comfut@xxxxxxx
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