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 wrote (104)	5/28/2004 8:34:22 AM
From: coferspeculator	Read Replies (1) of 14340

Watch List Stocks-Activity for May 27 This is one of several stocks mentioned in Today's Watch List TYC-This favorite from May '03 has done just about everything right for over a year. The counts from the LPS for both the one and three point charts offered identical $39 targets and profits to-date of over 150%. The support line has held for the entire move and the recent stepping stone count from the spring in May has two phases with the second one near the targets identified over a year ago. There had been no ending action of any significance and the recent trading range for the past 10 weeks had TYC stronger than the market. The potential SOS from the spring found TYC starting the jump of the creek across the tops of the recent trading range high with an increased spread and high volume. The back up will important as this is the area in which a #1 spring resulted in the first potential PSY/SC action in early /02. This area did not turn out to be the end of the downtrend, however, with the actual SC occurring months later. If the backup occurs with reduced spread and lower volume this would be very positive indicating that the most of the supply remaining from '02 has been absorbed. If high volume continues to come in with an increased spread to the downside, then an upthrust may be occurring. It would then be important to see how the long term support line held up. At this moment, while it shouldn't be assumed that supply of this magnitude would be forthcoming, it is still advisable to wait for the reaction and judge the character of the action before adding to or taking new positions in TYC.

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