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Strategies & Market Trends : Classic TA Workplace

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To: Shack who started this subject	7/17/2003 7:37:58 PM
From: ajtj99	Read Replies (3) of 209892

I'm looking at the cluster of support at the NDX 1231 level and wondering if it is possible we could still be in a flat off the June 6 highs. We dropped 85-points from 1265 NDX to the 1180 lows. A similar drop from 1316 NDX brings us to 1231 NDX. At 1231 we have the .618 re-trace off 1316 from the 1180 lows, a gap in the 60-minute chart, possible rising support in that area, and that 85=85 thing. I'm throwing this out here because I can't reconcile the flat with the apparent 5-wave move up from 1231 to 1316, as that would have to have been the last part of the "b". This theory actually maybe works best for the SPX, as the imperfect 3-black crow pattern formed today on the daily points to SPX 962 as a 50% extension of the pattern, which would also be a perfect A=C off the June 6 highs on the SPX.

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