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With 10/70 having lost control on hourly, it's my understanding that
analysis moves to the daily using 5/17 and aggressive counts. Attached chart
through Wednesday close. Note that the heavy blue 50% retracement trendline
is important resistance.
Earl
----- Original Message -----
From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, October 11, 2001 8:37 AM
Subject: Re: [RT] Bull to Bear
> Here is an updated 60min with the first hour bar relating to the post
below
> (other one was missing it).
>
> ----- Original Message -----
> From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Thursday, October 11, 2001 9:25 AM
> Subject: Re: [RT] Bull to Bear
>
>
> > 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
> > >
> > >
> > >
> > >
> > > To unsubscribe from this group, send an email to:
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> > >
> > >
> > >
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> > >
> > >
> >
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> >
> >
> >
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> >
> >
>
>
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Attachment:
Description: "SpDaily.gif"
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