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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (93087)	3/11/2004 8:02:20 PM
From: skinowski	Read Replies (2) of 209892

OEX: Connect the tops starting June 17 and extend the line to the present. You will find that the index closed just about on that line. Cool. Also, check the decline into 2/2 low. You'll find that this latest collapse is not far from being 162% of the former. SPX: This index traced out an Ending Diagonal, which topped out on 3/5, and then dully collapsed. The bulk of the decline contains a completed-looking impulse which started on 3/5. Could be a 3 or C or part thereof. Last leg of the decline (this afternoon) sports a bullish divergence on (hourly) RSI. COMPX also looks like it has been hit by a 3 or C or a part thereof. Paradoxically, the weaker COMPX holds a better bullish potential, IMO, since the whole enchilada can be read as a completed three-waver down. Would not be my preferred at this time, however. Last but not least, SMH hasn't done anything yet which would disqualify it from being in an overshoot wave of a bullish wedge (180 min). All it has to do is kick butt hard to the upside in the nearest future. Will it??... At this time I would like to turn over the podium to the next speaker... -g.

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