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Strategies & Market Trends : Classic TA Workplace
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To: Shack who wrote (128453)1/25/2006 5:37:00 PM
From: skinowski  Read Replies (1) of 209892
 
Three majors - INDU, SPX and NDX - all made lower lows today. Question - how does one count them? Is this most recent move down a Fifth (or part thereof)? But this would have bearish implications. Is it a "B" of a larger correction, with a "C" up still pending? Could be, but that's also bearish in the larger time frame.

I think today's new lows, which occurred after a consolidation, create a dilemma for the theory that we saw merely an ABC down off the Jan 11 top.
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