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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who started this subject4/13/2004 7:30:10 PM
From: coferspeculator   of 14340
 
Stock for the Day

LEH-Today was a big one in LEH. Looking at some of the bigger events.

1)It fell through the ice with increased spread on increased volume.
2)It broke through the demand line off the August low.
3)It broke through the demand line off the March, '03 low.
4)It broke to the downside from an apex.
5)It broke through it's short term half way point.

By late March, LEH satisfied all nine selling test and the potential count from the LPSY at the $84 level offered a conservative target of $73 and a more aggressive target of $68. A good short term trade especially considering the market was going into an overbought condition while it was at that level.

Today's action confirms the likelihood of achieving these targets. The potential for a much larger count could arise with the proper back up to the ice in the near term. LEH has touched it's oversold line and it's approaching a major half way point from the August '03 lows so a rally back towards the ice in the near term seems likely. This is a potential major SOW and it will be confirmed, denied or left in doubt by the rally. Should it be confirmed by the rally a much better idea for the determination of the potential can be made then.
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