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Strategies & Market Trends : Classic TA Workplace

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To: skinowski who wrote (133111)	5/26/2006 3:13:04 PM
From: bcrafty	Read Replies (4) of 209892

And after that, the next big support is the 4/05 low. Honestly, I really don't like Shack's scenario of a C being completed this week on SPX from the January top (which implies that it's all up from here) nor do I like David's scenario of a C being done on NDX from the 8/04 low (which implies that it's all down from here, after the current bounce is over). To use David's chart, here's a ST bearish but longer term bullish alternate. Instead of the B ending at the 8/04 low, have it end at the 4/05 low (as a truncated c of B)with the entire ABC as a sort of running flat. Then one could envision NDX currently in a ii of C up. This proposal allows for more down for the next few months but then followed by a new high probably before year's end.

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