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To: JRI who wrote (50959)8/22/2002 10:06:28 AM
From: AllansAlias  Read Replies (2) | Respond to of 209892
 
My fear is that there are still so many bears trying to catch the top, even for a wee swing down. It just hasn't happened. When I see that sort of cycle repeat itself enough, I begin to think that we won't swing down until the bears just give the f*ck up. Abstractly, I view it as line of least resistance, or more precisely, where price can go to get the most immediate traction. It remains on the side of chasing the shorts.



To: JRI who wrote (50959)8/22/2002 10:11:00 AM
From: AllansAlias  Read Replies (2) | Respond to of 209892
 
BTK is quite interesting. It has stalled under obvious resistance for the last 10 days or so. Still, it has made slightly higher highs during that period and seems to be collecting energy for another drive, one that would see it go to 408 or 420.

408 is only the .382 retracement off the Dec high -- a modest target. It's also the area of the previous wave 4 (i.e., on the way down) and is a very common target on the way back up.


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