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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (3836)	5/30/2001 10:25:30 PM
From: Perspective	Read Replies (4) of 209892

My summary: I think SOX has entered its wave 4 (or A, or 1, or whatever). It counts pretty good down to where it is, and it found support (predictably) on the TL extending from the previous correction. Notice that we could be building an expanding triangle sort of structure there. Not my preferred here, but it could be possible. I still prefer it as a 4, and it could pretty easily target 610. We'll have to watch if it gets there in the context of a corrective structure, or if it looks more impulsive. Smelly has been the best tech count for a while now, so I continue to lean on it heavily. The prior correction was sharp, so this one may be more flattish. Look at the absolutely pathetic coutner-trend moves so far. This is truly a spectacular little move. I noted the low volumes yesterday. We fixed that today. 2.0B shares is nothing to sneeze at. We've launched on even better footing than the February decline. We had breadth unanimity today: nearly 3:1 declines over advances, and 9:1 down volume over up. I say again, breadth unanimity is a sign of continuation. I'm looking forward to a return to the bear. I'd really like to retire soon, and I'd feel so much better about it if I felt like the market was priced at a level to at least achieve a POSITIVE return over the next 5-10 year span... BC

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