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Strategies & Market Trends : Classic TA Workplace

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To: skinowski who wrote (132221)	4/28/2006 1:38:29 PM
From: Henry J Costanzo	Read Replies (2) of 209892

Two great minds..SNS...LOL.....Have just returned to SI .....after poking around the net on the USD situation....planning to post on USD....and there I found a post from you...on the very same subject..... OT/FA....Have to briefly mention some crazy FA here...if you won't mind....Market scared to death that G-7 communique last weekend really referred to a decision for concerted action to knock the USD down. Of course, that was NOT the case, but looks like that was the main force driving the market this week...End OT/FA. Certainly the downdraft this week exceeded my expectations, and at least raises questions about my long-time favored bullish scenario. I think some changes should be made in my EW scenario now..but I am NOT prepared to abandon my basically bullish outlook ...yet...gg I have been counting the decline since the last high as a wave 4 down, off the Dec '04 low. I think I would now call that decline a wave 2 down off the '04 low.....The fact that 50% of the Wave 1 rally has been retraced does not necessarily weaken this case.........If we get to .618 retrace, ..then maybe more questions... OT/FA.....My position remains heavily related to my well-known views on US interest rates....which I still think will rise.....and will rise relative to rates elsewhere.......End OT/FA. Sorry..I do not have the ability to annotate a USD dollar chart.....The overall pattern is fairly simple........and clear........and I hope this little chart will help... home.twcny.rr.com

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