hi kman,imo the S&P500, DJI, NDX and NASDAQ are now in Wave 4 of...

hi kman,

imo the S&P500, DJI, NDX and NASDAQ are now in Wave 4 of Wave 5 of Wave C of whatever it is that started last October. Means final little Wave 5 up remains to come - looking to me like the big slide might be coming in the last weeks of Sep 03 or first weeks of Oct 03 - most likely starting before the end of Sep.

Most credible argument I've seen so far is by a fellow named Tarzan at the "Hair of the Bear" Market Analysis forum:

http://bearmarketcentral.com/forum/default.asp

Wave structure across all US indices is very clear - daily MACD & RSI tags the identity of each wave in the various indices quite well. Point that Tarzan brings up - and I fully agree - is that DJI is now forming an ENDING DIAGONAL. In elliot terms, one can't get more terminal than that - if the analysis is correct then the rally in the US markets is very close to ending. Just has one more high to make yet, in all four major indices.

Regards,

Ultrafart.