I think that the May 2001 highs will be breached (the reason is quite simple, the May bottom here had the "qualities" of a major bottom including the double bottom testing feature, typically good for 30% (2444), with an overshoot, the range of 2450/2550 is perfect. but not a 60% rise to the area of congestion in the January 2001 top (see #msg-2157946), thus a natural point will be within (not full closure) of a gap between these two numbers (2444 and the 2895/3050), but not much higher than about a 33% advance. The reason for not "going all the way" to the 2895 area is the time compression, I have, I calculated, till the middle of September before the market gets into real troubles (too many factors on that one, so I'll pass on the rationalization, read Maulding or Roach for details <g>). If the first phase is fast enough to justify raising the top, I think that not too many (except maybe Softie, Westpacific and Federal) will object if by mid August, I raise that target further. I have not heard too many complaint since I raised the top from 2390 to around 2500 (g).
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