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

To: AllansAlias who wrote (10156)	8/16/2001 11:38:30 AM
From: Perspective	Read Replies (2) \| Respond to of 209892

What do you think AA? While we certainly aren't getting more impulsive down (and I wouldn't expect it at this point anyway), it would appear that we aren't getting a gap closure. This is a continuation indicator, correct? The up seems corrective and weak, no? We bounced right off the lower big wedge line in NDX, to be expected, but the bounce seems weak. I think this says the wedge is going to fail on the next whack. Given that I counted the Fri-Mon bounce as wave 2 of 3, I'm saying we're now in 3 of 3, specifically 4 of 3 of 3. I think the wedge goes on 5 of 3 of 3. Another possibility here is that the 3 of 3 is subdividing, which projects well below the wedge. That would also make sense if a wave 4 of 3 would retest the wedge and fail. I'm trying to gauge a few automatic entry points for this afternoon. BC