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

To: Moominoid who wrote (31430)	2/17/2002 3:51:14 PM
From: At_The_Ask	Read Replies (1) \| Respond to of 209892

On my charts what I believe is shown is four complete waves down from the highs. As you know impulses often travel within channels and the lines contain the impulse. I should have labeled the waves but I figure we can all do that ourselves. Before anyone even bothers, please don't tell me it's invalid because one wave on a ten-minute chart has three waves or something! Believe whatever you like. Even if you don't believe it's an impulse those lines which are cloned from the bottom lines and moved to the top have a great deal of power. This has kept me from buying into all the "blast off" and "new high" "double top" hokum that everyone likes to tout. All of that stuff is just random guessing. It will take a great deal of doing to get out of this channel, and I really don't see it happening any time soon. I don't believe either the general public or fund managers are inclined to "buy the dream" at the moment. The market is like the old peter pan that doesn't believe anymore. He just can't fly. Price action fears these lines now and the way the markets have fallen away from them is plain. Even an extended flat is out of the question if I am right. The only fly in the ointment for me at this point is the sox. Some of the valuations in there are still pretty silly but it did get a good beating in the early stages of the bear. Perhaps its ready to break out? Hopefulness in Asia is what’s holding it up for the moment, but I have feeling when they figure out the US recovery isn't going to be quite what they had hoped, and the dollar corrects a bit making their products less attractive they will capitulate. stockcharts.com Notice the MSH is the worst performer; I need to check out its components. Maybe GX is telling its sell side clients to get out of tech?