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Strategies & Market Trends : Classic TA Workplace

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To: sitkapacific who wrote (134618)	7/21/2006 3:32:35 PM
From: skinowski	of 209892

Nice post, Brian. Will "keep" it so I remember to check up on those charts. On 180 min, XOI does look as if it fell out of an Ending Diagonal which topped at the April top -- but the decline which ensued was choppy, and then the index made a pretty sharp ascent, printing a new high on July 7. What to make of it? Probably, the chart remains still bullish -- however, the July 7 top could have been Wave "B" of a large correction, with a nasty decline to follow. I can't tell so far. The decline since July 7 is choppy -- so, maybe it still packs some short term bullish potential. Needs to be watched and reevaluated. On OIH, on the other hand, the decline from the early July top was clearly an impulse -- but the descent from the May top into the June bottom was a three-waver, a zigzag. Could the whole thing be an "ABC" down?? I would also note that the sentiment on crude remains neutral... and doesn't help us here very much.

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