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Strategies & Market Trends : Classic TA Workplace

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To: Clappy who wrote (92304)	2/27/2004 10:48:32 AM
From: bcrafty	Read Replies (3) of 209892

clappy, I guess the consumer confidence number wasn't enough to merit much of a reaction. 9:48am 02/27/04 UMICH FEB CONSUMER SENTIMENT REVISED TO 94.4 VS 93.1 About our earlier exchange, what I was saying had two parts. I was first implying that I felt Onischka's prediction might not pan out, and that the channel might continue upward rather than the index fall through the lower line, and secondly I was mentioning that since Onischka's chart is a 10-minute chart we're talkng about extreme wiggles here, and although anything can happen of course, I don't think one can usually imply much from them to the daily timeframe. My reasoning for both parts of my post is that on the daily I thought most common indicators show there's room for upside movement, and I was suggesting that one might watch them more closely when drawing a putative E-wave scenario at this particular time. Now then, having said all that, if the NDX goes up further in the next few days I think we should watch the upper trendline of the downmove from the January high as an upside target. Right now it's at 1515 or so but will be lower in the coming days.

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