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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (129332)	2/9/2006 8:12:11 PM
From: the-phoenix	Read Replies (1) of 209892

2) We are about to make a new low and the correction off the Jan high will take the form of a 1-2-3-4-5 wedge completing around 1245: Bullish in all time frames except the next couple of days. Think about this. A wedge in this position is either a Leading Diagonal (VERY bearish) or a Wave 4, which essentially means the top is in, as we will have retraced all of the purported Wave 3, disallowing new highs (else Wave 3 would be the shortest). Any move up out of a wedge from the 1245 area is at best a chance to get out of longs and start getting short. NDX has a prettier potential wedge in process, here, BTW. No, I think we need to turn up pronto or the IT bullish case is all but dead.

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