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The market is in a very precarious position right now. Both the DJIA and
S&P 500 have formed double tops. My analysis shows that 19 of the Dow 30
are showing distribution and another 7 are about to enter a distribution
phase.
Although Elliott Wave analysis is subjective I see 18 of the 30 Dow stocks
having completed a 5 wave up pattern and are in a,b or c wave corrections.
Another 6 are completing the 5th wave and 6 look like they are still in
bull trends.
22 of the stocks show major turning points in the week of 5/4/98. For this
coming week I project a short up move followed by continued downward
pressure into 5/4. I believe it is time to put protective stops on profits
and begin to implement bearish strategies. I advise you to take steps to
your positions.
There may be one more leg up but this bull market appears close to being
over.
Jim White
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