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Ralph,
Here is an updated 60min SP cash chart, still showing wave 4 but at the .618
level now and importantly the 10/70 has lost control.
One interesting note on the chart is, notice the red line from wave 2 to the
red wave 4 channels (barely visable just above the 4C since just starting,
unlike the long green and blue ones), anyway that line is supposed to
represent resistance which capped the move so far (as would have been lines
drawn from wave 2 to the last green or blue dot on those wave 4 channels).
The red PTI in the lower right is a low 23, so as I have posted before when
the weekly, daily and 60min all folded into each other, that the first
indication of a pattern problem would occur here on the 60min chart.
Netting it out, it still some "cracks" and the low PTI is saying at best any
wave 5 will be a double bottom or a failed 5th which never makes a new low
and could even just keep going up.
Notable on the daily SP cash chart is the fact that the PTI there has
dropped to 22 from the 42 on my chart from 9-30-01. Actually it dropped
below 34 on 10-3-01 again indicating if a wave 5 occurs it will likely be a
double bottom or a failed 5th as described above.
The softwares recommended strategy would be to buy a retracement (or test of
the low should it occur) after which some buy indicator trips, since the
1-2-3 down is likely to relabel into a big A-B-C (daily and 60min) as
discussed in a previous post (what if they change the lock discussion).
don ewers
----- Original Message -----
From: "Ralph Volpe" <rjv@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, October 10, 2001 11:53 AM
Subject: [RT] Bull to Bear
> I haven't heard much lately from the Bears, and I hope some are still
> out there. It was my view nearly two weeks ago that a reversal was
> imminent from the lows after the WTC, and that seems to have occurred,
> but to a dramatically lesser degree then I expected. This rally has
> significant flaws that I think will weigh heavy on any further progress
> in the markets from today's close forward. Now, if there are any Bears
> still out there, I'm ready to snuggle in with you. Is there room to
> accept a recalcitrant Bull?
>
> --
> Ralph => E-mail => rjv@xxxxxxxxxx
>
>
>
>
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