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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (110)6/2/2004 5:16:42 PM
From: coferspeculator  Read Replies (1) of 14340
 
Today the market experienced an intra-day failure to the downside and finished near it's highs with nearly the same spread and volume of yesterday. At the end of the day the market closed in a nearly overbought condition.

The market is approaching the supply line off the years highs. A reaction is expected in the vicinity of the supply line. The character of that action will provide an opportunity to better determine if the possibility of breaking the supply line and pushing up to the top of the trading range that has been in effect for most of the year is likely.

Those having taken long positions for short term trades early last week can continue to hold those positions and possibly add to them on the expected reaction that should occur in the coming days. Those wishing to take new positions should consider waiting for a reaction.
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