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Strategies & Market Trends : CFZ E-Wiggle Workspace
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To: rayrohn who wrote (7787)7/16/2008 1:07:03 PM
From: skinowski  Read Replies (1) of 41424
 
Checking in... on 5 min one can see three strong moves out of yesterday's closing low. I find this pattern to be analogous to a Leading Diagonal - even when there is no wedging. Three moves like that predict strength, no matter how you call them.

A similar formation we can see on SPX on the *hourly* chart, as the index was breaking out of the March low.

OK... enough wiggles for now, back to the sticks... -g

But yesterday's closing low of SPY 121 is the last line in the sand for this bounce - or rally - or whatever it will prove to be. Below that level you want to be short, imo.
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