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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Perspective who wrote (618)	4/23/2001 9:58:47 AM
From: AllansAlias	Respond to of 209892

I continue* having trouble counting this as impulsive down because too many things keep unfolding in threes, not fives. I'm sure it will all become clear in time, but it keeps me nervous.* Agreed.

To: Perspective who wrote (618)	4/23/2001 10:01:57 AM
From: AllansAlias	Respond to of 209892

I watch GE as closely as anything. Recall that it pushed the 1994 line with a strong weekly last week. The close was not definitive by any means, but was shading toward a breakthrough. Today's open is just under that line on the weeklies. COMPX breaking back through 1990 line, GE threatening to regain 1994 line, SUNW getting over 1994 line, 50 dSMA's getting taken out, .... these are the sorts of things on the classic TA side that really catch my attention.

To: Perspective who wrote (618)	4/23/2001 10:04:42 AM
From: JRI	Read Replies (1) \| Respond to of 209892

Starting at the Sept. high.....if we are looking for 5 waves down, there is some pretty nice symettry now (if we put in a high for recent up move)....however, I still have this question... Wave 1 Down (Sept.-Jan) only looks like it was smaller than Wave 3 Down (Late Jan.- early April) IF you use weekly charts, and only on a weekly close basis (not using intra-week low spikes)....as well, you have to go on a percentage basis (makes sense).....on a weekly basis I have the low close being around 2390-2400 (in the Sept.-Jan. move)..it did spike down to 2261 of course.. On a weekly close basis, I have the Sept-Jan. move down around 43%, and the recent late Jan.- April move down around 44% Am I correct in thinking that Wave 3 has to exceed Wave 1, and usually is the longest wave? (If this pattern holds)...it looks like we could head to (at least) COMPX 1200-1300 on Wave 5 DOWN...(on a weekly closing basis, of course...intra-week spikes could go much lower)..IF THAT IS, 2200 turns out to be some sort of local high here...