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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (85537)	11/9/2003 10:32:20 PM
From: skinowski	Read Replies (1) of 209892

Takin' objection to the Cup n' Handle scenario... C+H can only be possible as a consolidation during an uptrend, not as a combo of a decline and a rally in a downtrend. If I recall correctly, in fact, O'Neill even advises not to trust "cups" which are too deep... more then some 20%, if I'm not mistaken. EW of BTK are pretty confusing, because the decline off June 6 high was in 5 waves (on the daily). The rally to the 9/19 top also looks impulsive. So, what gives? My bias here would be that the rally towards 9/19 top was a "failed" (probably) fifth. Indeed, if you check the BBH, the September rally actually DID reach new highs. So, my read is bearish, but I would not be in a hurry to short it until there is more evidence.

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