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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (51628)	8/29/2002 12:13:52 AM
From: skinowski	Read Replies (2) of 209892

Just a couple of quick points… Major indices made 3 waves down off the high of a week ago. The 2nd legs down of SPX and of the DOW are just a touch more than 100% of the corresponding 1st ones… NDX moved down harder. I’d say that the bearish case would weaken quite a bit if they go up and trade above the bottoms of their presumed first waves down… an overlap would make the decline look corrective. This gives us levels to turn more neutral, or at least cautious of the bearish stance. The levels are approx. 930 on SPX, 8760 on the DOW and 990 or so on NDX I think they are worth watching. And, of course, a (wave 4) consolidation, followed by a fifth wave down (on a 15-60min chart), would make the entire move more convincingly bearish… and, after a proper pullback, one would expect at least a "sister move" to take place. I’m moderately short, and will look to increase – unless above levels are broken, which would call for caution. (Sorry for the jargon… it does allow to say the most, and in the least number of words… -g)

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