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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (147733)	8/10/2007 5:19:10 PM
From: skinowski	Read Replies (1) of 209892

This is no longer a single leg decline - this looks like a test of previous 8/1 and 8/6 lows. INDU and NDX made new lows today - but the broader SPX and COMP did not. Decline of the last 2 days... could be 1 of 3(or C). It could be "B" of a larger correction of the initial decline. It could also be (nearly?) "all" of "C". That last one would be a lot like the Feb-March decline, when we had a quick little "C" down, and... hasta la vista. To make things a little more interesting, SPX elected to close the week at its 200dma.

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