Timing the Trade the Wyckoff Way Message Board

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Strategies & Market Trends : Timing the Trade the Wyckoff Way

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To: coferspeculator who started this subject	4/15/2004 4:45:15 PM
From: coferspeculator	of 14340

Today the market had an intra-day failure to the downside during the afternoon and went on to close in the upper half of a widening spread on increased volume as it entered an oversold condition. The failure to the downside was initially the result of demand meeting supply and then the withdrawal of supply as the market approached two important areas. The combination of increased volume and price spread, however, indicates that supply is still present. Today the market almost traded to the half-way point of the last rally and to the supply line off the highs earlier this year. The ability of the market to hold above these two levels and it's oversold condition may offer several obstacles to further downside progress in the short term. Unfortunately for the bullish position, today's withdrawal of supply probably was the major reason that the half way points and the former supply line weren't penetrated. Should the market penetrate the supply line, it will re-enter the previous downtrend that was in place prior to the break above it during March.

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