Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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From: Sweet Ol	10/14/2004 10:07:54 PM
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The PTEN chart below illustrates the beginning of the ABC correction that I mentioned in my earlier post. It sure looks like Mon-Tues-Wed was the A-wave down. Is today the B-wave up? Maybe, or maybe not. The doji candle suggest we could have more up tomorrow or equally likely begin the C-wave down. It could easily take a correction down below yesterday's tail (at about 17.75) to make a real clear ABC correction. That will take us down near the 61.8% Fib point, which would be a good place to bounce. We will have to watch the MACD, RSI and Stochastics to give us a clue about the best entry point. I am sure Dabum has some other indicators and averages that I don't follow that will help in this determination. Anyway, once we complete this correction, I expect another nice run like the one starting Aug 23. It could easily be much longer and higher since it will be the third leg up of a larger leg (which you can see on the weekly chart.) stockcharts.com As I mentioned earlier, a lot of charts show a similar pattern. I am expecting to put a lot of money to work soon. Best to all, JRH

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