|
PureBytes Links
Trading Reference Links
|
Hi Stuart,
I agree with your analysis (probably not a good sign if you're looking to
short <g>). The biggest problem I have with the idea of an immediate
downturn is the relentless strength in the breadth. While I agree
wholeheartedly with your e-wave count, I would watch breadth closely and
would not put on shorts until you start seeing some divergences in breadth
against price.
As for potential downside targets when (if ! ) we turn down, I will be
looking at the lows of the recent consolidation for support and/or a .382
retracement from whatever high is made from the April lows. Quite often the
two levels will line up very closely.
Regards,
Tom Alexander
----------
> From: stuart <slingerfelt@xxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Important top??
> Date: Friday, July 04, 1997 11:58 AM
>
> Using Nature's Pulse I'm finding some significant relationships with the
> resulting dates of July 10-11 for the s&p 500 cash market.
>
> I arrived at this date using both short term swings from the 4/14/97 low
to
> present and using long term swings on the daily s&p chart dating back to
1987.
>
> Also on the weekly s&p chart using dates of 7/20/96, 2/22/97 and
> 4/19/97,2/22/97 i get a strong pivot for the week ending 7/12/97.
>
> The weekly chart implies a minimum of 8-10% correction.
>
> Bradley date also coming up on the 14th. NP newsletter also forecast an
EP
> for 7/14.
>
> E-wave structure from the 4/14 low looks like we began the 3rd of 5 of 5
> this past week.
> Momenturm (MACD 5/34) confirms this as a fith wave move since momentum is
> diverging negativley at this time which is typical for fifth waves after
a
> momentum peak of wave 3 (which occurred 5/15 3 of 3) and then again on
6/20
> (5 of 3).
>
>
>
> Any other studies out there that can confirm this current leg as the last
> before a correction and maybe a guess as to how much correction????
>
> Respectfully,
>
> Stuart
>
>
>
>
|