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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (139891)	1/3/2007 9:40:57 PM
From: Henry J Costanzo	Read Replies (1) of 209892

My charts back up to snuff, Shack....so i too have been trying to catch up with today's shenanigans. I've been pondering over the SPX...all the way down to the wiggliest wiggles...and I can't find any reason why..or any basis for.. any change in my read: ...We're in a corrective 4 here; we're in the final C down of that correction since today's high...and looks like late afternoon ramp was the 4 up of that C down... So I'd look for more down ahead...the 5 of that C... Correction completed its first C=A objective today at 1408. Next downside supports at 1403 (12/8 low), then 50dMA at 1400, and then as low as 1378 start of ED. Gut-wise, I'm looking for 1400 50dMA to conclude the correction. Some thoughts in process on that SOX/SMH wedge...also will take a look at QCOM...and get back to you..

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