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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (183)7/27/2004 9:18:29 AM
From: coferspeculator  Read Replies (1) of 14340
 
Watch List Stocks-Activity for July 26

This is one of several stocks mentioned in todays Watch List

ITW-ITW entered a new trading range early in the year and offered a potential target of $95 from the LPS in early April. The potential PSY at $90 was confirmed by the conservative count from the bottom of the range and a BC at $95 was followed by an UT at $96. A test was followed by a potential SOW that has brought ITW down to the PSY level of early April while if fell through an ice area.

The character of the action as ITW fell through this ice level was ideal. At this time a limited rally on low volume with decreased spread will confirm the SOW and provide an ideal BUI. The count from a BUI in the $87-$88 area would provide a conservative target of $78 for the first of a two phase count back to the PSY level. There is a lower target down to $70 but first things first.

Volume continues to be high in a tight trading range for the past several days. While a rally back up to the ice level on lower volume with reduced spread is preferred, aggressive traders should watch the current action carefully. Should supply continue to come in than a break through a more important ice area in the $83-$84 range would be suggest the first target to the downside is possible. An entry could be taken if the character of the action indicates a break below the minor support level of $86.

For all others, if such a break occurs through this important ice area, it is expected that a back up would occur that would offer a safer entry.
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