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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: marginmike who wrote (17234)6/5/2003 12:20:20 AM
From: J.T.  Read Replies (1) of 19219
 
The cracks are starting to show in some... IBM, MSFT non participation
in run up, etc.

Triple overbought across the board.. getting too easy.

We been banging thru the 21 day 3 1/2% exponential
trading bands in a number of indices.

Elliot Wave has proved its mettle in analyzing short term moves since the March
bottom as every resistance got taken out.

Why?

is it...

1 impulse wave

or

what 11 + corrective patterns that can never be read
until it is confirmed or too late.

Now that most all corrective patterns have eliminated
themselves, where is the holy grail?

This is the equivalent of the Monday morning armchair
quarterback analysis after you've been licked by your
opponent.

And now the master EW Bear moves aside as DOW 9044
gets toasted? Only soon to get back short?

Remember PermaBear's DOW 4,000 by the end of 2003 I
posted earlier this year on MITA?

For what its worth, I believe Elliott Wave is a valuable
tool, but nearly impossible to trade short term moves with
consistent success.

Lastly, Rydex says we have much higher to go, but looking
beneath the details a short term pullback is imminent.

I may blow out of short positions in 1 day ahead of
Friday's employment report.

Best, JT
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