Timing the Trade the Wyckoff Way Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Timing the Trade the Wyckoff Way

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: coferspeculator who wrote (91)	5/23/2004 9:17:54 PM
From: coferspeculator	Read Replies (1) of 14340

Watch List Stocks-Activity for May 21 This is one of several stocks mentioned in Today's Watch List MRVL-Targets from the LPS in March '03 on the three point chart offered a conservative target of $50 and a more aggressive target of $64. Since November MRVL has been in a wide trading range. In May, it reacted from an upthrust position at $48 back to the long term demand line connecting the SC of '02 and the LPS of March '03. On Friday, MRVL traded higher, finishing the day on a larger spread with very high volume above the half-way point. The first phase of a several phase count within this trading range offers a $49. The action of the past two days is a potential SOS. There is a possibility that MRVL may jump the creek but it is likely that there will be a reaction as MRVL approaches the top of the current range near the $47-$49 area. The reaction needs to be watched carefully. One of three scenarios could play out. First, if the top of the range is not broken and the action on the reaction to the LPS is proper then it is likely a jump would follow. Second, if the top of the range is penetrated, the character of the subsequent action should be watched to determine if an upthrust is occurring. If not, the proper reaction to the LPS would offer a good position for an advance to the $64 target mentioned earlier. Third, a jump occurs and the backup, if proper, would allow for a good position for a potential advance to the $64 target. If any of the three positive scenarios plays out and the market offers a long trading opportunity, MRVL offers a potential in excess of 25% to the $64 target. The current trading range has several phases and the targets for them offer potential higher than the $64.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next