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 (125)	6/13/2004 9:04:43 AM
From: coferspeculator	Read Replies (2) of 14340

Watch List Stocks-Activity for June 11 This is one of several stocks mentioned on Todays Watch List IGT-In the fall of '02, IGT offered a potential target of $43 which it reached in early March. At that time it appeared that it had an ending action in the form of a potential buying climax. During the subsequent reaction, the spreads rapidly narrowed and volume decreased offering evidence that the potential buying climax may have been a potential PSY. A stepping stone count that built up on the reaction offered a potential to $47-$48 where a potential ending action was observed. An upthrust was followed by a move to the downside, with weekly volume and spreads that hadn't been seen in many years. The short-term and long-term demand lines were penetrated, offering evidence that there was a major change in character occurring in IGT. During the past week an LPSY has occurred, confirming the SOW at the half way point. The rally has occurred on lower weekly volume when compared to previous rallies. On Thursday, IGT traded down on increasing spread and higher volume, closing near the lows of the day. There is a two phase count from the LPSY. The first target is $35 which brings IGT back to it's recent lows and a major ice area. The second count offers a $30 objective from the highs of the year and a count of $24 from the LPSY. The mid-point would be $27. The actions as IGT approached the ice level in the $35 areas should be watched carefully. The manner in which it responds to this area will suggest if the $24-$27 area could be a potential intermediate term target.

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