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Bill E.
My AGET daily chart says it is potentially in a wave C:4 (wave 4 with an
ABC pattern developing) and a perfect swing would take it to the 100-27 area,
maybe lower (Lenny has projections to 98-99 area)? There still is a gap that
needs to be filled at 104-00 so it may do that first? Possibly a good
place to sell 104 calls??
The 60min chart shows wave A:4 had a 5 wave pattern (normal), wave B:4 an
three wave ABC pattern (as it should), and wave C:4 is unfolding in a 5 wave
pattern, although the wave 4 shown is likely minor wave 4 of wave 3 which is
still in progress.
So your "island" if it holds, it would be good and if not merely
filling a gap? As a side note, bonds are not acting very well considering the
stock market carnage?
As always, good luck and good trading,
don ewers
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
<A title=t-bondtrader@xxxxxxxxxxxx
href="mailto:t-bondtrader@xxxxxxxxxxxx";>t-bondtrader
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, February 22, 2001 3:19
AM
Subject: Re: [RT] S&P bottom?
Don
When I posted the S&P chart I forgot to post
the Bonds one, so here it is. As I said, it is by no means the classic
island, but I think it might just portend lower prices at this
point. If it does, then perhaps the Spoo will
rally...
Anyway, I have often found that these formations,
while they may only allow for a river rather than a channel, as it were, can
be helpful. As I have often said before, for one who is day
trading, it is perhaps worth a short term punt on the puts, but what you EW
boys can make of it may prove very otherwise.
As usual the market will tell us...
BillTo
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