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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (60785)	12/4/2002 7:04:59 PM
From: mishedlo	Read Replies (1) of 209892

Shack - any comments on this? From Brian on the Fool We broke through the trendline yesterday and closed below it. That was after failing to break out of the H&S neckline at 955. The rally also had a nice rising triangle formed, and has since broken out in the direction expected from such a formation. home.earthlink.net If this is the start of wave 3 down from the March highs, then we should not breach 954.40 on the S&P. Fib. retracement levels from the the rally are shown on the chart, and are: 911 (which we may be working on now) 885 862 841 Beyond 841 the market is on its own. We are probably in wave 1 of this decline, and wave 2 should take us back up a little higher in a few weeks. If it breaches 955, it will signal that the rally has one more A-B-C move left in it. If it behaves and stays below 955, the deed is done. All the Best, Brian

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