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

To: JRI who wrote (40043)	5/23/2002 10:25:16 AM
From: At_The_Ask	Read Replies (1) \| Respond to of 209892

I didn't take the plunge on WCOM, that was AA. Although I admit to certain amount of jealousy. -g-

To: JRI who wrote (40043)	5/23/2002 10:43:38 AM
From: AllansAlias	Read Replies (1) \| Respond to of 209892

Wiggle situation: So, we popped out of oversold. Let's call from yesterday 3:30 to today's open an 'a'. Let's call what we are doing now a 'b'. This means we'd expect a 'c'. What is the target for the 'c'? There is an obvious area that most everyone is watching. It's around NDX 1290. There are a bunch of reasons why 1290 can not be overtaken if we are pointed down. If 1290 is breached, the bear case for good down dies. So, given that we would likely test 1290 and we had at the open a length for the 'a' leg, that gives us a likely target for the 'b' wave low, since we know we want a 'c=a' and that 'c' to get up near 1290. On the weakness after the open, we came within 3 points of my target of 1247 for the 'b' down using this logic. _ =================c==== 1290 +/- ``-.._ c `--.a. c a b'-.. c a b` @ `--.._ '--._ a b `--._ ``-..a ``-. `--.._ `-.._ ``-.._ `--._ We are at the "@" mark. There is a danger here (there always is). The index charts busted up out of the down channel. Right now, they are back inside. They need to reverse up soon or we'll have a failure. I favour them reversing up for the 'c' leg. All wiggles to me thus far and I have no more interest in trading this wiggle than I did yesterday afternoon when we thought a bounce was imminent.