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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (61614)	12/13/2002 10:40:57 PM
From: John Madarasz	Read Replies (2) of 209892

i don't buy that wedge. the pullback on the 18th which measured 21 points is not a reversal point in your wedge, but the pullback from the 25th of Nov which measured 23 points is? how come? here's my draw...the meas on the tri is only eyeballed boomspeed.com i'm still tilting bounce...but can't discount a shakeout. either way, i'm not sure enough to bet with my $$$, since i covered my brokers a couple days ago and i'm flat but for some gold stocks. i cannot believe program traders and hedge funds will let that technical area at the 50dma go without a fight my plan is to play the better risk reward and wait for strength to sell...otherwise look for consolidation much lower to consider getting long no reason why we couldn't retrace your wedge...but i'll be very surprised if the SPX gets back to that Oct 14 gap this month barring some shock event.

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