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Hi Lee,
On the daily but be careful since their are only roughly 88 bars from the
start of W1 so far and at least 100 to 140 are needed for the 5/35
oscillator to reach zero correctly for a W4 which is why I am currently
watching the 60min chart for my clues. Ideally a chart in between the two
would be the best to look at since the 60min has 272 bars from it's W1
start. A 120min chart would be about right if the 5/35 is being used (that
also tells you why the 60min would lose control on the 5/35 and you are
almost automatically forced up to the 10/70)
By the way the ellipses I show on the 60min are from W2 to W3 60min FYI.
Since the 60min is really measuring the W2 to W3 on the daily, I figured its
PTI would give me a good idea about pattern continuation? The jury may still
be out too since the PTI can change upwards also as this wave 4 develops
(software change, since in the past it could only go down). The daily has
this wave 3 in the normal target range between a 1.618 expansion and 2.618
of wave W1 also so a valid wave 3 there the way i see it.
The way this is acting a 50% retracement to1065 on the cash is certainly
possible and to the second (blue) ellipse, then I will take another look at
the PTI to see what it says?
don ewers
----- Original Message -----
From: "Lee Morris" <LMorris@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <gannsghost@xxxxxxxxxxxxxxx>; <get_traders@xxxxxxxxxxxxxxx>
Sent: Wednesday, October 03, 2001 12:02 AM
Subject: RE: [RT] SPC 60min 3:30
> 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...
> -----Original Message-----
> From: Don Ewers [mailto:dbewers@xxxxxxxxxxxxx]
> Sent: Tuesday, October 02, 2001 3:43 PM
> To: Real Traders
> Subject: [RT] SPC 60min 3:30
>
>
> As I mentioned before if the pattern was going to run into trouble it
> would
> likely first run into trouble on the 60min.
>
> The hourly chart might be showing the first crack in the pattern? The
PTI
> has dropped below 34 (to 30) which normally indicates that on the
downside
> at best a double bottom will occur, or a failed 5th wave (higher low) or
> no
> 5th wave and the prior sequence labels ABC.
>
> Things could be going your way Ralph? . . . will keep you posted on what
> the
> charts are saying.
> don ewers
>
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