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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (87)5/19/2004 4:27:58 PM
From: coferspeculator  Read Replies (1) of 14340
 
Today the market had an intra-day failure to the upside and went on to close at the lows of the day on a wider spread and increased volume, finishing the day in a NEUTRAL position.

Early demand was meet by supply and in the afternoon supply again assumed its role of taking control of the market. The effort to spring the former resistance level and the short term supply line was not successful. Supply has the opportunity to penetrate the oversold line in the coming days. Should this occur the manner in which it is accomplished should be watched. The potential rally after this penetration could lead to the defining of a new short term down trend and potentially a new intermediate term down trend.

At this time the market continues to offer those holding short positions taken when the market was overbought in early April (the last major signal) an opportunity to add to those positions on all bulges. All others need to wait for a good trading position and a better time (overbought) for adding new short positions. In the case of a possible long trading opportunity, waiting for the appropriate time (oversold) is necessary.

If the later should occur, all short term short traders should give consideration to covering, while those holding positions at higher prices can wait to see how strong the trading opportunity becomes. At this moment, however, the likelihood of this occurring isn't very good.
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