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Strategies & Market Trends : Classic TA Workplace

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To: Paul Shread who wrote (32333)	2/26/2002 7:13:07 PM
From: Shack	Read Replies (3) of 209892

I'm inclined to believe that what we saw today is all part of a very low degree correction and we will get new highs in the DOW. I see weakness early tomorrow to give us the brother leg down to this morning's and then a new high later tomorrow. I will likely exit my puts on any weakness and wait for higher prices to re-enter. I doubt we go below 10030 and I think upside will be limited to 10200. I also think tech will close those gaps from the 15th. I no longer believe the DOW is/was in an Elliott wedge but rather a simple ABC off the 30th. I prefer this scenario as some of the waves in our wedge look too straight which is not typical of triangle waves. However, there's not too much difference as to what happens next. here's the pretty picture: marketswing.com

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