Timing the Trade the Wyckoff Way Message Board

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Strategies & Market Trends : Timing the Trade the Wyckoff Way

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To: coferspeculator who started this subject	4/21/2004 10:56:36 AM
From: coferspeculator	Read Replies (1) of 14340

NEM-The institutional favorite fell through the ice on a wide spread, closing near the lows. The targets from the upthrust at $47 were $36-$33 to the downside. A backup or LPSY would be the next opportunity to take a short position. Attention should be paid to the backup since there is the possibility for a spring or a terminal shakeout. The spread and volume back to the ice will confirm or deny the break through the ice. Strong volume and good spread back up through the ice would negate the SOW, suggesting the covering of short positions and the taking of a long position on the test of the spring or TS. At this time the likelihood of this occurring is not good. The more likely situation will be a back up to form an LPSY from which another short position could be taken. ESRX-Has nearly attained the more aggressive count from the LPS at $62. The $80-$81 area is confirmed by two targets. The current position of the market suggests that attention should be paid to this one. Profits from the LPS are in excess of 25% at this time so positions taken for intermediate speculation have fulfilled the profit expectation. There is a potentially a larger count and higher target for this one so those wishing to hold might consider selling part of their position if they have market concerns. AVE-Has entered a spring condition. The drug sector has shown recent strength in comparison with the market and this one has the potential should it spring to jump the creek across the top of the recent trading range. JCI-The upthrust of 3/25 at $60 provided a potential target to $50. The potential SOW that followed brought the stock back to support where a potential spring occurred. The subsequent action has found the higher volume days closing at their lows on increased spread. At this time it appears that the most recent action may be a test of the SOW from the upthrust, a more complex action than normal. The potential from this point is lower than the $50 target identified from the upthrust. A short term short position from the $57 area with a target of $50 does offer over 12% profit potential and would allow the placing of a stop near the upthrust position meeting the 3-1 ration desired. Of course, the potential is much larger should JCI break through the ice on higher volume and increasing spread.

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