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Strategies & Market Trends : Classic TA Workplace

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To: Doo who wrote (44360)	7/3/2002 8:53:00 AM
From: Jack of All Trades	Read Replies (1) of 209892

Well Jeff, I have to admit I have no sound basis to set my comments on. Looking at a weekly chart of the SPX you can see that peaks to troughs have been made between 21-26%, my 920 target would be a 21% move off the recent high. We could get to 870-875 to make a 26% trip, but I don't think that will happen because we will be to far past the neckline on the HS. I thought the action in the ES over the last week has shown heavy shorting, therefore I think the players have a sizable position that they can use to support the futures market. I don't think the large players will let this one go until the fall. JMO

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