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Strategies & Market Trends : Classic TA Workplace

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To: martin001 who wrote (5611)	6/21/2001 6:24:55 PM
From: The Freep	Read Replies (3) of 209892

That book to bill ain't great. The number is up but both bookings AND billings declined on a $$$ value from last month. The PR is worth a quick read. Also, MU and Symantic laid eggs after the close. So. . . let's play a little game for those who are better chart readers than I am. Forgetting the neckline H+S issues, and focusing on waves. Let's assume we open down tomorrow for this argument (NDX futures are 12 below fair value right now, I think). What can violate the scenario that this is our C up? I know there's a lot of downside room that this current downwave can retrace without violating the rules (like 100% if it's wave 2), but are there key NDX numbers that would make a failure seem more likely? As usual, I don't know what might happen, but a gap down and rebound is always possible. . . and I'm curious as to how far down that move can go before the UP scenario really tanks. Obviously, the necklines of the various H+S patterns seem to have come into play, but I hate bringing them up, since I know Allan's opinion of them <g> the freep

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