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I think we can bounce violently around betw. 950 and about 1020 for a
few days and then (Dow-wise) collapse 500-1000 points for the low toward
the middle or end of next week. On S&P that means betw. 900/850 for a
low. Down Jones 7000/6500. And, one day, I will even have a position on
based on what I say (like 1065 high in S&P, 995/990 low on Rosh
Hashanah, etc). What I fear is that if I am wrong, it is that it will be
worse and not better. I see near 0% chance of this stopping as high as
940/920. I hope I am wrong!
...and Elliott is not the only reason. Weekly indicators are not
oversold, nor are daily, and monthly ones are neutral to overbought
still. This market cannot rally w/out a new low, and probably a fairly
significant one. And, I am far from bearish. There are plenty of people
out there calling for 5500/4500 on the Dow. I think we can bounce about
for a year or so below the highs, but new highs are possible within 2-3
years and I expect the upcoming low to be THE low for maybe 8-10 years.
Steve
Steve
Proffittak@xxxxxxx wrote:
>
> In a message dated 98-10-01 21:54:25 EDT, you write:
>
> << The U.S. will not slip into a depression, Japan will solve it's
> banking problems (just as the U.S. did), Russia will not return to
> communism. The only thing left is a picture of a bear on "News Week's"
> cover for a perfect contrarian entry.
>
> Good luck and good
> trading,
> Ray
> Raffurty >>
> hello everyone
> we may visit intra day acording to get 944-955
> (between 10/02/98-10/07/98)
> then 1042 by 10/12
> 1072 by 10/19
> 1102 by 11/03
> and 1200 by 12/30
> (this is fib time and price)
> am i doing it right??
> your thoughts??
> regards
> Ben
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