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Strategies & Market Trends : Longer-Term Market Trends
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To: AllansAlias who wrote (1524)7/31/2008 10:07:26 AM
From: AllansAlias  Read Replies (2) of 3209
 
Just checking in, so I have no read on the tape at all, but it would seem that the market is moving up on bad news, or at least from a weak opening.

This is about the 4th trip up to the QQQQ $45.90 (NDX 1866) level -- the top of the triangular congestion posted here recently -- and it should get through now. Up through that level and the Nasdaq will see a bit of clear sailing. A short-termer does not want to be short on that breakout, as it would likely get to QQQQ $47.50-$48.

From an EW perspective, the wiggle picture, say 90min, is very muddled. It's a mess of 3-wave jello. I am going on TA and feel here, as EW is not a help.

ps: I am not hedging here, when I say that if this breakout fails, this market will head lower in a hurry. I'm already long from a couple of days ago (post #1513) and hoping we see one more pop. However, a failure here will lead to a quick decline to that minor low we talked about. We'll talk more about this if the market goes soft later today.
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