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Strategies & Market Trends : Classic TA Workplace

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To: skinowski who wrote (58391)	11/3/2002 3:28:48 PM
From: Shack	Read Replies (1) of 209892

The decline into October low (to me) was as clearly impulsive I think this wave is the key. Yes it does look impulsive in many indices. But check out C or MSFT or even the NDX. That wave looks corrective, and in the case of MSFT without argument. Hell even the FTSE has a similar wave and it looks very corrective. There just seems to be way too many stock patterns which point to everything off the July lows until now as part of a single a-b-c. We certainly could go higher in the short-term but MSFT, C, IBM and many others are up against an army of Ninjas nearby. Not to mention the options being heavily skewed to calls for November, max-pain says down in the near-term, and quite hard. I am short as of this week and I will be adding tomorrow on any strength. And becasue of the max-pain situation, I may even play some November poots.

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