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Strategies & Market Trends : Classic TA Workplace
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To: Shack who wrote (22111)11/22/2001 10:26:13 AM
From: AllansAlias  Read Replies (2) of 209892
 
While our American brothers and sisters site down to their turkey and pigskin, I have been pondering the conundrum we have here, with everyone looking up from this "pullback". It makes me wonder hard.

I have decided to add more shorts at this level. There are three possibilities here:

1) We are heading now to new highs. 20% chance imo

2) We are going to correct for a few more days and then head back to the highs. 45% chance

3) We are just starting a much larger decline. 35% chance

So, I continue to favour that this is a pullback before very marginal new highs, but not by much do I favour this. Less than a week ago.

Folks, we've said it many times: When you are faced with down-up you are usually faced with a-b or 1-2. Either way, you can expect another leg down, a 'c' or a '3'. All you can do is short the top of the putative 'b' or '2' and then wait. I won't hold past an 80% retrace of the tech drop so far.
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