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Technology Stocks : Micron Only Forum

MU 228.50

-5.6%

3:59 PM EST

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To: TREND1 who wrote (43550)	3/9/1999 5:04:00 AM
From: Tony Wang	Read Replies (3) of 53903

When stocks impulse off their lows, like micron did at 52, and goes to X, (62 1/2), it is not uncommon for a sharp retracement wave to occur. This is to take the excesses of the primary and trending wave up( of the 10 1/2 pts in this case.) As we all know nothing goes up or down in a atraight line. The retracement wave can in theory take us down to 52 again, and not violate the establishment of the new trending wave from the double bottom. If we take out 63 on the upside after a couple days of wiggles and jiggles, we should then be in Wave 3 up. The size of wave 3 normally exceeds wave 1. Given that there was no news, today's sharp selloff was probably just technical. But the Bears could be right, and I could be wrong, time will tell.

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