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Strategies & Market Trends : Classic TA Workplace

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To: Henry J Costanzo who wrote (147811)	8/12/2007 10:09:56 AM
From: Shack	Read Replies (2) of 209892

You know what's fascinating to me? The timing of this whole subprime story vis-a-vis the charts. What I find really cool is it happened right when many of the the charts were completing their bull runs with terminal bearish patterns, patterns that had been forming for over a year! Look at the $XBD for instance. One of the most beautiful ending diagonals I have ever seen which began to be formed in early 2006, over 18 months ago! The wave (v) of that wedge hits the top line on June 1, 2007 and begins its decline from there just as it should. Suddenly as the meat of decline kicks in, this subprime story breaks. So is this coincidence? Was the very fact the subprime mess was lurking in the shadows the "reason" we had a diagonal in the first place? Is this catalyst exacerbating a decline which was going to come anyways o would there just have been some other reason used to explain the plunge? Intriguing questions for me, but purely on an academic level In any event the key now is not to get too involved with the FA behind this market decline. The charts contain all the info you need. And if you believe in all these terminal ED's, the charts are saying there will be no rescue for the market.

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