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Strategies & Market Trends : ahhaha's ahs

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To: ild who wrote (3809)	12/12/2001 11:21:56 AM
From: ahhaha	Read Replies (1) of 24758

The intermediate uptrend which has been in place since early September is taking too long to form. This implies its a right shoulder rather than another move to new highs. Further evidence is that the rallies consume lots of activity and when they fail, they do so on small activity. This shows there's fear that price will fall rather than that there's confidence that it will rise. Last night the dollar fell quickly on little activity and now is slowly retracing on lots of activity. Marginal supply above is high and marginal demand below is low. The line of least resistance is down. Rising takes a great deal of work. It would be nice to see a fifth count assuming that this 3 month intermediate structure has just completed its 4th count pullback. The down trend is at 117.40 and there is an inverse neckline at 116.50. It is likely that this fifth count will consume the rest of the year and only reach 116.50. A downside break from that level would threaten the intermediate uptrend and if that is broken, the April September low points become a plunging neckline which threatens the major uptrend around 113.

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