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Strategies & Market Trends : Classic TA Workplace

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To: mishedlo who wrote (66547)	2/15/2003 9:48:58 AM
From: skinowski	Read Replies (1) of 209892

Brian is a thoughtful man. I enjoy his work. IMO: The SPX rally stopped at the level where its leg 2 is 78.6% of leg 1. The action so far is in three waves, with each leg itself being structured, basically, as “threes”. The next R is a few points away, near 840, where both legs are equal. 840 has recently served as support / resistance on the 60min chart. There is R in the area of 850 +/- a few points. By the time the action gets there – if it does – it will be possible to see better the subdivisions of the rally. If it acquires an impulsive character, than – and only than – it should get serious respect. I am short from higher levels, and don’t want to give up my position to what up to this moment can only qualify as a corrective move.

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