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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (6463)7/7/2001 12:55:27 PM
From: Shack  Read Replies (1) of 209892
 
In the smaller time frames, the count off the Jul 2 high for this '1' down isn't completely clear to me. It appears that we are either about to complete the entire count with one last flush, or we are in a 4 of an extended 3 which began late on the 2nd. In the larger time frames (say 130-min), the latter is my preferred. Either way, there is more down likely early Monday. COMP 1974 looks like a logical place for it to stop (which means it probably won't)

I am not taking any new positions until the '2' bounce. Heinz has a short-term cycle turn for the 12th which I think may be the top of that '2'. There was an intriguing spike in Rydex bear assets yesterday including money market assets which makes me think many may get squeezed and the '2' will be sharp. Hope so, I would get nice entry.
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