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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 676.47

+0.8%

Dec 18 4:00 PM EST

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To: Techplayer who wrote (61029)	10/19/2000 11:18:21 PM
From: HairBall	Read Replies (2) of 99985

Techplayer: I don't know what the IBD follow through theory is, sorry. And, I am not an EWaver either. My stuff just tries to identify the trends or potential reversal of the trend. I just try to be on the right side of the moves or at least positions to not be hurt by them. I am looking for a retrace tomorrow, but I am not committed to that expectation with a daytrade. On more than one occasions this market has blasted off. It is not wise to step in front of the train unless you are darn sure. I usually am not darn sure until my real time multiple time frame technicals all line up. They were mixed into the close today. However, per the COMPX chart I posted this afternoon, I do think the COMPX is close to a pullback per the rising wedge it is trading in. If it breaks to the norm, that would mean at a minimum a retrace of a portion of the formation and at a maximum a continuation of the trend from which it originated. If the Sept 1st downtrend line is taken out tomorrow, not just breached that will negate the rising wedge and all bets are off for the retrace. As I type futures are up this evening...let's see what tomorrow brings. Regards, LG

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