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

To: patron_anejo_por_favor who wrote (3045)	5/22/2001 8:53:39 AM
From: AllansAlias	Read Replies (2) \| Respond to of 209892

Alternate Bullish Scenario As discussed yesterday, and it was Shack's chief worry, the only correction of size on the wider tiny timeframe charts, say, 30min, is the 12-2pm correction. Recall that we surmise that we were in a wave 3 yesterday. If that correction was only a 2 of our 3 instead of a 4 of our 3, then we will go mad today as it would mean we are just in 3 of 3. I think it really depends on the SOX today. It is at hard falling resistance and it's 200 dSMA. If it can push through 720 it will fly. It's recent consolidation took the form of a bull flag, a rather ragged one, but nonetheless this would argue for a run well past 720. The 38.2% retrace off the SOX top is around 800. A second leg equal to the initial leg off the SOX lows to the bull flag would target just above 800. The 800 area is also very good horizontal resistance. Scenario update from last night: Message 15832886