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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: SE who wrote (9187)12/1/1998 2:25:00 PM
From: donald sew  Read Replies (1) of 44573
 
Scott,

>>>>>>. IF the TICK moves 1200 points from the low within an hour to an hour and a half there normally is a 10 point sell-off from the next high of the day. Of course the hard part is picking the high and selling it. Anyway, we went from -800+ to +500 in under an hour. This
certainly qualifies and hopefully we will have a decent shot at a short in here somewhere. <<<<<<<<<

Interesting since Im getting the same gut feeling as I just mentioned on TSO:

>>>>> The DOW got about 140 points above the intraday lows, so some sort of reversal to the upside started already.

On a subjective basis, if the market does not move up strongly within the next few days, I will become even more suspicious of its strength.
I guess what Im saying is that if the DOW doesnt pop hard immediately in the next few days to continue this upswing strongly, I may interpret that as a possible beginning of a STAIRSTEP, which could take the form of a WEDGE, PENNANT, OR FLAG.

Around 1:30 the DOW hit 9130, the high of the day so far and 140 points off the lows. Since then it has been flat/slightly down. It will be interesting to see how the market performs during the last hour of trading. I am getting the feeling that the market may not
rocket upwards in the last hour of trading, but that is a simply a guess. If we close negative today, that could be a technical hint that this reversal upwards may not be that strong, and may be the beginning of a STAIRSTEP. <<<<<<<<
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