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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (34454)3/19/2002 9:56:13 AM
From: skinowski  Read Replies (1) of 209892
 
Anutter look at Mathias. Let’s see… Yesterday’s NDX decline below 1497 created an overlap, and the rally since Friday has become most likely a three wave correction, with the larger pullback likely to resume. What would signal this resumption? Another break of 1497, according to Onischka, would suffice. For as long as this doesn’t happen, an attack at the 1550 gap resistance level can be expected (but a break is not too likely).

The larger pullback has a critical support area, between 1430 and 1440. If it doesn’t hold, expect further decline; if it does than a 5th wave of the rally in NDX (from Feb.22) can still be counted on.
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