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Same EW reading as you. I would add that fridays have strong odds of an up
close, and that many in the press, or on these various groups have fretted
over what to do now. So my guess is indeed this is only a correction and it
might well be close to over now that the Fed is soon out of the way. May be a
pre Fed rally as usual???
Gwenn
Earl Adamy wrote:
> Today was an amazing day when viewed relative to the previous inside day
> and the day prior to the inside day - both buy and sell signals were
> given by the daily pattern. The spring reversal across the pivot low of
> the 25th on the 30 minute chart was very strong. I have a 5 wave decline
> off the 03Jan high followed by an ABC into the PH on the 14th followed
> by a 5 wave decline into today's pivot low - exactly what I would expect
> to see in an ABC correction of a larger degree. The only problem with
> calling the decline complete is that the 5th wave has not subdivided as
> should be expected nor has the minimum .62 3:5 wave expansion objective
> at 1378 been met. Thus I view the question of completion as unresolved.
> Either today's decline will prove to be w.1 of w.5 and the decline will
> continue, or the structure will be imperfect and the market will now
> move to new highs - a close above today's high would resolve the issue
> in favor of the bullish case and would probably give my breadth models a
> nudge into buy territory. A close below today's low will signal that the
> correction should continue - perhaps to 1368.
>
> That's the thing about EW, it is quite useful but imperfect so one must
> always go with the flow.
>
> Earl
>
> ----- Original Message -----
> From: <Jpilleafe@xxxxxxx>
> To: <boggio@xxxxxxxxx>; <realtraders@xxxxxxxxxxxxxxx>;
> <eadamy@xxxxxxxxxx>
> Sent: Thursday, January 27, 2000 4:35 PM
> Subject: Re: [RT] Re: deja vu all over again?
>
> > 4. I am viewing the decline as having comprising 5 waves down with
> > today's selloff completing the 5th wave down.
>
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> SP30.gif Type: GIF Image (image/gif)
> Encoding: base64
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