Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: gsp6181 who wrote (736)	6/11/2003 4:22:20 PM
From: the-phoenix	of 941

Obviously this correction to Friday's selloff has carried further than bears had hoped. There is still a ton of bullishness that has traders buying every dip. I see almost no one looking for a sustained move down at this time. NDX has only corrected a little over 50% of the drop and SPX is right about at .707, so I would say it is still a tossup if we are pointing up or down, here. As mentioned the other day, retests of key reversals are to be expected, as V bottoms and tops are relatively rare. A good possibility here would be an "Adam and Eve" Top - where we see a sharp reversal (Adam) last Friday, followed by a more rounded (Eve) second top. Just a guess. On SPX we are close enough to Friday's highs now that this could certainly qualify as a retest of the highs in my book. But calling tops has been a real loser's game lately, that's for sure.

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