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UsSepW (weekly) shows my current wave counts on bonds suggesting that we are
nearing the completion of wave (3) which would be followed by a wave (4)
rally and a wave (5) decline - probably to new lows. UsSepD (daily) drills
down into wave (3) showing division into a clear 5 wave decline. The fact
that waves 3 and 5 (daily chart) are of roughly equal length seems to argue
against a completed wave 5 on the daily. Recent impulses in bonds have
generally included extended wave 5's. From a time perspective, it seems
unlikely that bonds would begin a wave (4) rally much before the FOMC
meeting.
Earl
Attachment Converted: "c:\eudora\attach\USSEPW.gif"
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