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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (60759)	12/3/2002 10:57:44 PM
From: skinowski	Read Replies (1) of 209892

There must be a reason why markets spend most of the time consolidating… -g. To me, today’s NDX action off the low looks like a abc-x-abc, followed by a move down into the close. The SPX support line out of 10/10 is broken, and its attempted re-test has failed (at least so far, on intraday wiggles). The SPX line passes now a point or two under 930, and a rally back above that level would threaten the bearish case. (It is only a few points away… speaking about early warning systems -g). The NDX support line out of 10/10 is still intact. I have it passing near 1083 – and a test of it would create a triple bottom on the 15min chart. More important support is the 1075 high on 11/18, still an eligible candidate into first-wavehood… (hmm…) A break below 1075 would make the entire rally look corrective. OT: I am impressed again how pleasant it is to deal with impulses, even with little ones. Truly, protracted corrections are Elliottian wastelands. One must foresee them, brace for them… and ignore them.

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