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

To: Shack who wrote (38263)	5/7/2002 8:38:15 PM
From: ajtj99	Read Replies (1) \| Respond to of 209892

Shack, I think the maximum ceiling on this run has to be QQQ Max Pain plus maybe $0.50. However, keeping with the spirit of lower highs, I think the NDX 1283 pivot high should not be violated. That said, we very rarely do a greater than .618 re-trace on these kinds of downtrends unless it is options related. I think the MM's will have a very hard time getting above NDX 1230. The COMP 1640-1643 level has been an inflection point during last week and will remain so (it's a fib). That level will prove quite stubborn. If we gap over it, we may drop through it like water through a seive. I also believe strongly in the lower high thing, but we've been over that already. Go Wings and our flopping goalie Hasek <G>.