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Strategies & Market Trends : MP - Market Pulse -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (1144)	8/8/2001 2:55:52 PM
From: HairBall	Respond to of 1328

Chris: The COMPX is getting a pullback from the resistance line of its 5/22 falling wedge. The rally from the 7/24 low formed a rising wedge. The rising wedge was developed close enough to allow a slight penetration of the resistance line of the 5/22 falling wedge, but constraining enough to provide a retrace of the 7/24 rising wedge, that suggested a drop back inside the 5/22 falling wedge. The NYA rally off the 7/24 low formed a rising wedge. The morph of the original wedge into a larger structure suggested the price action would move above with follow through of the 5/22 Falling Trading Channel. The expected retrace of the 7/24 Rising Wedge should be contained by the resistance line of the 5/22 FTC now acting as support if the price action drops below the 61.8% retrace area (605.79). This decline began almost on que for the NYA, but was stretched by the COMPX missing the 7/30 (+/- one trading day) pivot high target window by a couple of days. After the COMPX stretched the "possible" pivot high target window of 7/30 (+/- one trading day) a sharp decline was needed to bring the 8/7 (+/- one) pivot low target window back into play. However, since the COMPX stretched the 7/30 pivot high window to 8/2, the 8/7 pivot low target window "may" be stretched some as well. I am not sure yet as my intraday techs are legging into oversold. The next test of the resistance line of the COMPX 5/22 falling wedge should provide a break to the norm... Regards, LG