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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (68574)	3/15/2003 2:35:23 PM
From: Shack	Read Replies (2) of 209892

While I see a possibility for that scenario I don't buy it. The move in the DOW off the Dec 2 high is 5 waves (so far) and has channeled nicely. Actually we have yet to even break the down channels in tech, the SPX or the DOW and we recoiled pretty forcefully from the top of the DOW channel giving us that toppy tail on the daily chart Friday. We may break the channel but for now as I have said, the only trade is to short the top of the channel. The notable index which looks bullish to me is Smelly, that was a pretty nice breakout Thursday.

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