P&S and STO Death Blow's Message Board

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Strategies & Market Trends : P&S and STO Death Blow's

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To: Win-Lose-Draw who wrote (26900)	1/30/2003 7:07:52 AM
From: sun-tzu	Read Replies (3) of 30712

using the $SPX as my market barometer, we have a three wave corrective pattern off the july low ending in a classic head and shoulder top. we then moved into wave one of the next move down which violated the neckline of the H&S. the last two days represent wave 2 which will test the neck from below. best case scenario for this move is the 877 range imo. at this point, a mother of a wave 3 should give us a retest of july/october. as for that triple bottom, they always fail. that would could correspond to wave 5 of this current move. given p/c, VIX and 69-70 correlation, in the absence of a stronger up move, i don't want to have my position get whipsawed. right now, i'm still in the green and the upside at this point appears very limited. that being said, a 2 1/2 day move up off that wave 1 down certainly has plenty of $ for a quick long swing. looks like your play is solid. nicely done!

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