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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (145)6/22/2004 9:06:45 AM
From: coferspeculator  Read Replies (1) of 14340
 
Watch List Stocks-Activity for June 21

This is one of several stocks mentioned on Todays Watch List

PD-After an ending action in early March, PD broke through the ice in mid-April and backed up to the ice at $76. The target to the downside from the highs (the most conservative count) was $60. In May there appeared an ending action (SC) after potential a PSY showed earlier. A test of the SC occurred several days later which resulted in the breaking of the short term supply line.

In the past two days, PD has traded higher on increased spread with higher volume, breaking the intermediate term supply line during the day. There is a count from the LPS across to the PSY that offers a conservative target of $76 and a count from the line of $82.

The $76 target brings PD back to the ice level. The character of the action at this level needs to be observed. There remains a lower target from the old LPSY of $46. While the action over the past several weeks has been bullish, it is important to recognize that this level could offer significant resistance.

Trades that were put on at the recent spring position have reached our short term targets and need to be carefully monitored at this time. Rejection at the former support and now resistance ice level suggests exiting at least a portion of the short term trade.
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