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Strategies & Market Trends : Classic TA Workplace

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To: marginmike who wrote (127413)	12/23/2005 5:39:46 PM
From: Shack	Read Replies (1) of 209892

Father Doom!-vbg I am not getting any sentiment extremes. Things are shifting to the bull side slowly but my EPC, TRIN, TICK and other stuff is still benign. I'm still looking at a Nova/Ursa ratio of 0.22 which is half of what it was even at the early 2004 highs. COT had a big switch this week but I suspect they are setting up for nothing more than a correction of the Oct impulses which I think still have a wave (5) to finish. The dominant chart pattern for me remains the upside break on the COMP rising wedge on the weekly which was backtested this week and held nicely. If that wedge continues to hound, then notwithstanding perhaps another and deeper backtest, I don't think we will see a weekly close below 2175 for a very long time. If that wedge's upper line fails then I will re-evaluate but until then the bull is in charge. In general, there is very little for the bulls to be concerned about strictly from a chart perspective, and that remains the most important thing for me.

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