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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: HairBall who started this subject	4/16/2001 9:05:39 AM
From: HairBall	Read Replies (4) of 99985

Crystal Ball Forum post... Category: TA From: lg (L G) To: ALL Date Posted: April 16, 2001 at 08:36:22 Subject: SP Emini Intraday All Sessions Chart... My Intraday/Daily - ES01M (SP Emini June Contract) 60-min All Sessions Semi-log Chart I posted this chart earlier last week after I posted my expectation that last Thursday's expected opening gap up (normal hours chart) should be sold. Friday at the open I posted that I expect one more repel off the support line of the rising wedge formation. Friday afternoon, I posted an agreement to Timers call to sell into the close. The following chart reveals my reasons for the agreement. This updated chart reveals that inside the larger formation a intraday rising wedge formed with the price action off the bounce of the support line of the larger rising wedge. The apex of the smaller rising wedge, the resistance line of the larger rising wedge and the strong horizontal resistance in the 1194/5 area, coupled with my intraday multiple time frame technicals made this a very high percentage bet for an intraday trade. The next test of the support line of the larger rising wedge will likely fail, so keep an eye on it and the retrace levels plotted. EDIT: A break above (not just a penetration) of the resistance line of the wedge would negate the formation and my immediate expectations.</i intraday = minutes/hours to a few days short-term = days to a few weeks medium-term = weeks to a few months longer-term = months to a few years Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions. village2000.com

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