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Strategies & Market Trends : Classic TA Workplace
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To: Shack who wrote (123453)8/30/2005 9:17:29 AM
From: skinowski  Read Replies (1) of 209892
 
My problem with the (SP) wedge theory is that the first move off the early August top was impulsive. Unless it is a leading diagonal down, I am not sure how it fits in (unless the tiny high on 8/20 was a "b"). Moreover, the entire decline "channels" too easily and too well.

I wouldn't argue with a breakout towards the mid-1220's from here. That would indeed look a lot like new highs should be ahead.
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