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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Chip McVickar who wrote (43972)	2/22/2001 4:40:13 PM
From: Michael Watkins	Read Replies (1) \| Respond to of 44573

During the formation of the wedge, ADX was generally declining, meaning the prior trend (down) was losing strength. But that doesn't mean it is going up or reversing - just that it was done going down for a while. So on the longer downswing since the daily wedge broke, ADX started to pick up again. ADX is low and rising, implying that the trend is growing and there is plenty of room for it to continue. But its just a guide - price and volume rule. So lets look for higher lows, higher highs, or the reverse as the case may be and then decide. I sure don't feel that the carnage is over and with my longer term accounts, some of which I can only go long, I'm standing aside for the most part. There's always time to join a real uptrend. I'm in no hurry, and doubt the market will heal itself very quickly. ADX at 70 or bust! Cheers MW