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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (68587)	3/15/2003 5:30:19 PM
From: bcrafty	Read Replies (1) of 209892

Shack, thanks for the charts I was looking for actual channels rather than thinking of putative channels and therefore didn't understand your earlier post, but now I do. Pictures are worth a thousand words. I know the idea of the C going that far is not your favored, but I think I missed what your favored is: could you repost that sometime and how you measured it? I ran the SPX 975 A=C scenario by a non E-waver and he said "no way" pointing out resistance levels at 850, 875, 900, and 925 all of which thought would be tough, and pointed out the likelihood of possible bad earnings reports coming up. But he was also someone who sat out much of the fall because he didn't see the rally off the October low going very far. I have to admit, though, that I am fairly skeptical of it going that far too. That's why I was thinking of the fib retracements of the December decline as alternate targets for a peak. On a bullish note, have you seen GE lately? It broke through the top of it's December UT with a possible breakaway gap Thursday. It looks like I picked the wrong one to short with that one.

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