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Strategies & Market Trends : Classic TA Workplace

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To: cybersaavy who wrote (131833)	4/13/2006 1:19:17 AM
From: skinowski	Read Replies (2) of 209892

Yes, this (ED) possibility is definitely on the table. It does have a certain elegance, with W4 making a neat intraday "overshoot" below the support line. It would also be pleasing to sentiment watchers - since, very likely, another wave up would generate a lot of bullish euphoria. Maybe we would even hear the ringing of the proverbial bell.... -g. In any case, SPX spent quite a long time in a tight range, and will definitely move. And in whichever direction that move will occur - up or down - it will start out with a fairly neutral sentiment picture. One of the paradoxes inherent to this game is that indicators can only be useful if sometimes they are useless... -g/ng Monday's low - and, far more importantly, the March 8 low - are support levels. On the upside, 1323'ish is a Fibo 70.7% retracement of the 2000-02 Bear market. The upper line of the ED projects to cross that level in early May... but the price can get there sooner if it tries hard enough. 1295-ish was in the center of things in recent months... if it's taken out, it is very likely that bulls got the ball for the moment.

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