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Lenny, always enjoy reading your stuff. Looks like you are considering the
entire move up from the lows as an A wave with 5 sub-waves ... an
interesting thought, and one I had not considered because w.3.3 was so
strong. A close above your 1246 (cash) would force me to reconsider, and a
high above the left pivot high at 1253.71 would be compelling (symmetry
failure). A W.C rally would quite likely mean something approaching a double
top in the S&P. The original structure of the DJIA and NYSE rallies
certainly made this plausible, however the deterioration of those indexes
(plus all 3 SP's and NASDAQ) below the red AGet W.4 channels raises a
warning flag. My breadth NYSE and NASDAQ models lead me to believe the path
of least resistance remains down.
Earl
----- Original Message -----
From: <rosow@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, June 20, 2001 6:53 PM
Subject: Re: [RT] S&P index/m3 update
> Ben,
> Attached is my view of the S&P cash. As it stands now I have the daily
> completing a wave B low at 1203.03. A few things worth noting:
>
> 1) Wave B has met my minimum time extension (.382 of wave A).
>
> 2) GET's Normal Ellipse drawn from the bottom of wave A to the top of wave
A
> has settled in at current prices.
>
> 3) Price has slightly overshot my first price cluster the last couple of
days
> but quickly reversed back into the area of 1216 - 1226.
>
> 4) A close below 1203.03 would negate the completion of wave B and would
> target 1170 - 1180 as the next target area.
>
> 5) A move out of this current congestion area and a close above 1245.96
(wave
> a low) would confirm to me the completion of wave B and would lead me to
> believe that wave C up is underway.
>
> Lenny
>
>
> "lenny does your work agree with earls work?
> Ben
> if so when do you see bottom in nasdaq and sp?"
>
>
>
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