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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (65565)	2/6/2003 11:08:05 PM
From: John Madarasz	Read Replies (1) of 209892

I think you're right on...here's what i'm thinking too... let's say for the sake of argument that today's low...or anything that stay's above that linear trendline at 830 tomorrow, is a short term low. the 38.2% retracement bounce from 830 SPX would be right too the current log trendline now at 870 Gann retracement analysis maintains that if a stock cannot take out the 38% retracement level, the larger trend will reassert itself and the stock will go to new lows 50% retracement and it's even odds if it takes out the 61.8 then analysis says that odds favor new highs. Program trading ticked back up this week fwiw... and a 20 million share block of the Nasdaq trust went off above the ask this morning towards the end of the 1st 1/2 hour of trading

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