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Strategies & Market Trends : Classic TA Workplace
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To: t2 who wrote (1169)4/27/2001 10:52:11 AM
From: AllansAlias  Read Replies (3) of 209892
 
New highs vis a vis yesterday would make me turn bullish short-term and throw away our scenario, at least how it relates to us having already entered the 'c'. We are not doing that here.

Longer-term, I would get bullish if the Elliott count supported the idea, even as an alternate count, and various terrible technical damage that was done over the last many months was under repair (this is why I watch signposts like GE getting back over the 1994 line it gave up back in Feb. That should not happen if the bear is still in control). Until that happens, we are in a bear market and I'll keep that first and foremost in my mind.

Folks all getting lathered about the recent rally. Yawn... we have not even tested the downtrend line that goes back to Sep 1/00. Sometimes people need to be reminded of the really simple stuff -- "we are in a downtrend".

Yup, you can try to catch the bottom and profit handsomely. If you're lucky, you'll make a killing. The odds however, soundly favour you getting killed.

Cheers

(Wouldn't be at all surprised if this mess now drains all day. I AM NOT MAKING THAT CALL, but I can see it as a decent possibility *if* our scenario is still in play. Short-term alternate (i.e., not favoured still for me) to that is the "we were always in a 4 and are heading to new highs".)
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