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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (57548)11/1/2002 7:51:51 PM
From: Perspective  Read Replies (1) of 209892
 
AA - you taken a peek at that long-term BKX again lately? It's looking like the wedge failure may be reversed a second time, no?

The thing that bugs me the most about this rally is the extraordinary similarity to the July-August rally. We should have guessed we wouldn't get the simple dip like the one in the middle of that three wave pattern up - you can't have things repeat precisely like that. So, what does that imply? If it really is a flat of sorts, this is the impulse we're in now. Are we ending the impulse, or are we just in the 2 of the impulse? Seems very unlikely that the BKX can get away without *some* sort of retracement of the run from 600-780. 800 is stiff resistance. Smelly just keeps grinding higher, and doesn't look done. If it clears that 320 resistance, 350 should act like a magnet. Things aren't doing exactly what I'd expect here. S'pose I should step aside and be patient until it becomes clearer. Seems like plenty of magnetic numbers 2-4% up from here on most major indicies, so maybe I'll pick up a hedge to see if I can grab that last little bit. Yargggh. I'm rambling.

We have clearly rallied going into the Fed rate cut, so I expect a reversal coming out of that. Maybe that'll be the turn I'm looking for.

BC
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