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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (62384)12/30/2002 11:08:53 PM
From: Shack  Read Replies (2) of 209892
 
I agree that that thing does not count great as an Elliott wedge, that middle wave is too straight. I pulled the trigger because I thought we were going to close strong and give us a hammer of sorts. I have seen too many of these wedges break before the putative 'e' wave gets near the wedge line and I am left with no position. This often happens to me on a gap up (or down) so I took a stab near the close. But the weak close (and the INTC drain) was my signal to get out and I actually have an overnight NQ short position.

I am still looking down but I am looking for spots to hedge, not for a major position. Today I thought we had one but I changed my tune as I mentioned. However I would note that the SOX 270-280 area has been an inflection point going back to 1997. I likely will look long again around there.

Elliott-wise, I agree about the possibility of the second leg down off the flat but the paltry volume has really bugged me, it really does not support it. It tells me that we may very well be in some running Jell-O rather than an impulse. As a result I am only looking for 3 waves down off that flat for now, and we are very close to where the third wave should stop (my target is around 273) for what I think will be a Jell-O bounce.
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