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Strategies & Market Trends : Classic TA Workplace

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To: bcrafty who wrote (84005)	10/10/2003 6:58:54 PM
From: Perspective	Read Replies (2) of 209892

Velo's 3 is longer than the 5. That much is at least valid. An interesting possibility to be sure. Our momentum has been waning in typical terminal fashion, as he indicated with the MACD divergence. One would expect a choppy, ED-ish formation to complete a move like this. However, it could also end up interpreted as a running 4th wave if we break up from here. An interesting count to keep an eye on. We're starting to get plenty of overlap on successive pushes up, and down is starting to look more and more impulsive. I think the near term (next few days) is probably pointed down as a result. The marginal new high yesterday has me backed off though. I want to lay into this thing on the short side, but only after I can see a downtrend in place. Even squinting, I can't see it yet. BC

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