|
PureBytes Links
Trading Reference Links
|
>From an elliott view the move up y/d from 2:30 has 5 waves, but the middle
wave, wave 3, is clearly the shortest, and therefore the move up IS
corrective. Most probably wave 4 of the the entire drop from 5/21. There will
be a wave 5 to retest y/d's low. Sharp, quick, and if we stay above y/d lows,
I think we will head up to look at old highs. If we take out y/d's lows, we
will still go up but the climb rate will be a function of where we
end up in relation to y/d's lows.
As I write (10:30 am 5/28/98) we stopped at spx 1095 a 50% retrace of the 2
day drop. We may go up a touch further here to spx 1100, a 62 % retrace of
the 2 day drop, or perhaps more likely, up to spx 1105, a 62% retrace of the 4
day drop from May 21.
The wave 4 from 2:30 y/d may take a couple of days to unfold. In other words,
with wave 5, we may see some bouncing around here in the range mentioned
above, as we work our way through wave 4 and 5 before a trip up to sniff out
new highs. My guess anyway.
Peter
http://tiger.golden.net/laird/Comment.htm
|