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Those interested in Wolfe Waves might find it instructive to see how
sometimes a Wolfe Wave may apparently be well-formed and yet fail to reach
full maturity. This often happens when extraneous excitement is influencing
the market.
That's what happened yesterday. Greenspan's remarks plus the Iraqi
acceptance created a Wolfe Wave built on wild emotional swings;
consequently, one wouldn't expect it to hit the target, and it didn't.
Those who went short at the #5 point were still rewarded - see attached.
Best regards,
Michael Suesserott
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