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I am
looking at it a little different, I think that this is wave 4 of wave 3 and
therefore your elipse could be drawn from the w2 of w3 (8/27) so that this
retracement is only for wave 3 of 3 in which case the st elipse is hitting now
and there is a gann line at 542. further niether wave 3 target has been hit yet
and the 5/17 is still in control and has now retraced close to 0 which is
typical for a internal wave 4, the 5/35 will not retrace to 0 typically in an
internal wave. Your point on the PTI is valid but only if this is wave 4 not if
its w4 of w3. further it looks to be a 3 wave rally (see 30 min chart) from 9/21
instead of a five wave in the event wave 3 (C) was complete. I know this
is the OEX vs the S&P but I think the point is the same. I am looking for a
reversal around RA (545) late morning or early afternoon tomorrow. One last
thing notice how all the ocs made an extreme on 9/21 the lowest one since 5/23 -
we have no div at all, this would be very odd for this major of a low. Also the
50% RT of w3 is 545. And notice the gann lines crossing on 10/3 which could make
a change in trend. If this plays out look for a low of w5 of w3 at the target
423. Which will be the bottom of a 3 wave - Wave A, Wave B will be a very
strong bear mkt rally - followed by a lower low in Wave C mid 2002. but first we
need to get thru this week...
<FONT face=Tahoma
size=2>-----Original Message-----From: Don Ewers
[mailto:dbewers@xxxxxxxxxxxxx]Sent: Tuesday, October 02, 2001 3:43
PMTo: Real TradersSubject: [RT] SPC 60min
3:30As I mentioned before if the pattern was going to
run into trouble it wouldlikely first run into trouble on the
60min.The hourly chart might be showing the first crack in the
pattern? The PTIhas dropped below 34 (to 30) which normally
indicates that on the downsideat best a double bottom will occur, or a
failed 5th wave (higher low) or no5th wave and the prior sequence labels
ABC.Things could be going your way Ralph? . . . will keep you posted
on what thecharts are saying.don ewersTo
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Attachment:
Description: "10-3snpd.GIF"
Attachment:
Description: "10-3snp30.GIF"
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