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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (62655)	1/2/2003 8:08:51 PM
From: mishedlo	Read Replies (1) of 209892

More from Brian Comments? Today's rally canceled out some potential counts and gave two alternative counts a high probability. Since the S&P broke above last Thursday's high, it is highly probable that either market action since December 10 is corrective or this whole decline is corrective. Here are two possible counts stockcharts.com[d,a]eholyyay[da][p][vc60][iub14!la12,26,9][J9122830,Y] tinyurl.com The light blue count would have December 10 as wave 1, and everything since as an extended flat correction, with wave C moving up now. Wave C could end at any of the Fib. Retracement levels listed. The green count has the entire decline from December 2 as a correction, with another A-B-C rally starting. That would take the S&P above its high of 954. I would say that the green count is unlikely, largely because of the technical state of the market. Despite today's rally, the BP chart for the S&P barely moved and is still below the 10 and 20 day MA's. At the lows of July and October, the BP jumped right away when the turn came – so we'll see what happens in the next few days. tinyurl.com The NYSE Summation edged over is MA's. This is to be watched. tinyurl.com The VIX also broke down; suggesting some kind of rally is underway. tinyurl.com All the Best, Brian

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