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

To: UnBelievable who wrote (4677)	6/12/2001 10:28:49 AM
From: AllansAlias	Read Replies (1) \| Respond to of 209892

From the wiggle standpoint, the big swoosh down this morning is either a 1 or a 3. No matter just now. The rally off the lows early this morning was a perfect a-b-c -- as easy as a short ever gets. Since rolling off this correction we have down down/up and are now in another leg down, so it's presumably a teeny 3. Having said that, one has to be very careful about catching down after a major swoosh as it often becomes a slow dribbler that will test the patience of shorts. Quite often, these dribblers take on the look of a diagonal -- a wedge. Watch carefully for the break up out of the wedge because that usually signals a reversal in the s-t trend. Good SOX support is coming up in the 612-616 area and for NDX in the 1775 area per this morning's charts.