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Greetings Traders:
The attached .gif is the monthly Hang Seng Index Elliott Wave counts.
As suggested before, the final fifth (V) of the cycle degree has already
been completed at the beginning of August of last year. The subsequent
drastic downmove has the Index lost more than 8,900 points. As
mentioned, a five-wave correction is never the whole of the corrective
phase. Accordingly, this will imply the Hang Seng Index has NOT
bottoming out yet. Looking at daily charts, the current upmove can be
interpreted as the wave B in the making in the rest of 1998. It is
quite possible for the current corrective rise to go for the
12,000-13,000 levels and the subsequent wave C of the cycle degree will
bring us to a much lower level than the recent low of 7,909.10 (maybe in
the form of a zigzag?!) to complete this corrective pattern. Since the
last quarter of 1997, I have maintained the aforementioned Elliott Wave
counts for the Index. As of today, I still can not find a reason for
myself to discard the above analysis. However, I will make any
neccesary changes if future price actions start to invalidate my current
interpretations. Regards.
Have a good one
Jeff Harteam
Hong Kong
Attachment Converted: "c:\eudora\attach\HSImonthly.gif"
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