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Strategies & Market Trends : Classic TA Workplace

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To: marginmike who wrote (6187)	7/3/2001 10:22:28 AM
From: John Madarasz	Read Replies (1) of 209892

Mike, also re: the inverse h/s... I think that formation was invalidated when the price fell out of the rising wedge from the April lows, and took out the inverted right shoulder. The stock gapped over the 50dma and the STRONG resistance of the downtrend line from the Dec '99 highs this morning...probably on short covering and amateur holiday retail action, aggresive shorts will be all over it soon enough i would think. The big H/S is still in play on the weekly, and the price has to take out 90 to void the formation. again, my guess says the path of least resistance is still down Have a great holiday, John

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