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Strategies & Market Trends : P&S and STO Death Blow's
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To: Jeffrey S. Lillie who wrote (10223)10/10/2002 9:22:16 AM
From: ajtj99  Read Replies (3) of 30712
 
Actually, after looking at this chart last night:

investorshub.com

Augie posted this about a month ago. When I first looked at it, I noticed there was a textbook wave structure off the drops. It was in the middle of the 2nd 5-wave drop, and we were looking for a bottom. That helped me stay short and keep from covering.

The set-up right now in the McClellen Oscillator favors more down from here immediately. It favors the wave 2 correction off the drop on wave 1 as being complete, and wave 3-down ready to go right now.

After wave 3, we have a corrective up wave 4, then wave 5 down.

The time frame for this to play out is about 5-more sessions, which matches up nearly perfect with the Oct. 21 turn date. The wave 3 drop matches up perfect with today's turn date.

I would not take this chart lightly, and it has made me money in the past. The upside in the COMP is 40-points, the downside is 120-points. Risk-reward favors the downside. The re-trace favors the downside (as we're below the goo level). Indicators are oversold, but NASI and BP charts have further to drop.

On this gap that will quite possibly stop at COMP 1220, I am going short this AM. Max Pain or no Max Pain, the S&P teetering on the edge also gives more weight to this set-up.
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