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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: ajtj99 who wrote (3097)	7/2/2002 9:02:09 PM
From: Jeff	Read Replies (1) \| Respond to of 30712

lets take a look....a close up look...<g> stockcharts.com[h,a]daclyiay[d19970505,19970712][pb9!b13!b20!h.02,.20!b200!b150!b50!f][vc60][iUb14!La8,17,9!Lh5,5!Le5,10,1!Li10,10!Lp14,3,3!Ll14!Lo15]&pref=G ok.....you can see our trip under 1400 should have hit around 1375 and bounce back up over 1400.... we hit 1375 perfect...and bounced back up over 1400.....but it went alot higher to 1486 because it happened to be on window dressing time.... and like i said....all painted options or end of month crap distorts the retrace with paint.... but after the paint...its back to the retrace well....thats exactly what happened....because after a sucker run over 1400....you can see the next low at 1352......and we hit 1356 today..... so here we are.....the retrace working like a charm....but we have another special situation to deal with....the short holiday week.....the retrace calls for another sucker run over 1400.....do we get it now or later....don't know for sure....the SPX still hasn't pierced it 944..... but something interesting on the SPX chart.....if it doesn't go to high early and it dumps about 20 more points.....we could have another 3 crows.... stockcharts.com[h,a]daclyiay[db][pb9!b13!b20!h.02,.20!b200!b150!b50!f][vc60][iUb14!La8,17,9!Lh5,5!Le5,10,1!Li10,10!Lp14,3,3!Ll14!Lo15]&pref=G that would sure make it easy if that happened..... anyway.....during all this decline....t-q readings over 5 mark tops.....yesterday we had a 12 reading at 1459 nasdaq......that should be a major top and not passed if the reading was "true"..... on the retrace you see the 1458 top.....fits nice.... now lets stretch out the retrace chart....you can see a flat area around 1330 to 1350.....and you can see a fast drop to 1194...... stockcharts.com[h,a]daclyiay[d19970205,19970712][pb9!b13!b20!h.02,.20!b200!b150!b50!f][vc60][iUb14!La8,17,9!Lh5,5!Le5,10,1!Li10,10!Lp14,3,3!Ll14!Lo15]&pref=G at this early stage....it looks like after enough get suckered in around that 1330 to 1350 area thinking a bottom is holding.....the rug will be pulled out to 1194 kinda fast..... and any sucker run if that t-q reading is correct will be held under 1459..... so like past area's on the retrace.....if this was a normal week....we could expect a sucker over 1400 but never passing 1458 again.....then a drop to test these new lows....and at this point another failure and big drop to 1190's.... how this plays out with a holiday and 1/2 day friday.....i don't know.... but we have the borders drawn again.....a high t top....new lows....and a possible cliff drive to 1190's at any time now.... my hope is to get another sucker run top over 1400 to short.....and i hope the SPX does crows again to make it real easy like....<gg> anyway...today established that the sept bottom is no longer valid.....so new lows are coming.....the retrace is intact....and new lows sure look like under 1200.....