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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (5654)6/22/2001 5:10:35 PM
From: UnBelievable  Read Replies (1) of 209892
 
Allan -

If you get a chance could you take a look at $INDU. It looks like it is starting Wave 5 down off of the May 21 High.

I would be inclined to think that when 10,550 or so breaks that we would be headed back for a test of 9800 (not as part of the 5 Down but in such a manner that it will make and real upside in anything difficult.

Some interesting weekly charts as well. Last week $NYX was shut down by the 50 SMA. This week it was topped by the 13 SMA. The 200 is at about 600 now. It reads pretty clearly down IMHO.

$INDU weekly is pegged between the 200 SMA above at 10,640 and the 50 SMA at10,565 as well as the 100 SMA at 10,569

$SPX was shut down by the 200 SMA at 1245 and the 13 SMA at 1231. Also take a look at a D/T Line drawn from the high in the first week of September and the high from the first week in Feb.

$COMPX seems to be gliding down the September/Feb DT line with the 50 SMA capping the upside.

I would be interested in your wave counts for some of the weekly charts.

Have a good weekend.

I had to do some re-arranging of my trading desk the last few days and did not have time to post much but did follow your comments and appreciate your posting them.

This Jello is tough to trade. Impossible without tight stops. <vbg> I appreciate your drawing the use of stops to my attention. <ng>

I'd be interested in your wave counts
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