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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (134)6/15/2004 7:13:16 PM
From: coferspeculator  Read Replies (1) of 14340
 
Today the market had an intra-day failure to the downside as supply met demand but it closed up from it's lows as demand re-entered the market late in the afternoon. Today's action was on a decreased spread with greater volume and the market closed in a neutral position.

The action overall provides some further evidence that there isn't enough cause to offer a test of the lows of the year. The amount of cause being built up suggests that a reaction is the most likely situation unless supply can overcome demand. This was the third day in which supply attempted to take control of the market, with todays effort occurring in the afternoon. In this case, demand met supply after being absent on the two previous days in which supply was present.

There is a good possibility that a higher low will occur in the next few weeks. Should this occur when the market is oversold then we could have a potential apex taking place. The current condition of lower highs when the market is overbought and higher lows when the market is oversold is likely to resolve in a breaking or at least a test of either the resistance or support lines that have formed the trading range for the last four months.
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