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

To: Shack who wrote (31741)	2/20/2002 7:50:06 PM
From: velociraptor_	Read Replies (2) \| Respond to of 209892

IBM had a perfect 5 wave structure down from the 126 high to about 101, what followed was a perfect 3-3-5 flat. This one is clear as a bell on the hourly charts and the daily as well. It was a textbook pattern. Since the first wave down was about 25 points, this next impulse down which started at 109 has a target of about 85, minimum. Any extension of this wave would of course bring it down to near 70, but I am not counting on it. If IBM is going to at least 85, you can bet the DOW isn't going much higher. MSFT by the way has a nice gartley pattern with a 51 target, which makes 2 key DOW stocks that are headed much lower.