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

To: JRI who wrote (3449)	5/24/2001 12:09:11 PM
From: marc chatman	Read Replies (1) \| Respond to of 209892

NDX appears to be moving within a parallel channel sloping downward since late yesterday morning (seen on the 15 minute chart). This could be a bull flag. The price is now moving toward the top of the channel. I was thinking the channel could remain intact until the 60 minute stochastic (21-14 stochastics) bottoms. Then we could see a move up. I don't have a decent E-wave count at this point, although I'm leaning to this being a 1 down, with the up move to be corrective. I'm currently in a neutral position, and I'll wait to see how this channel breaks. When in doubt with E-wave, it may be time to look at some classic TA.