Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: skinowski who wrote (58391)	11/3/2002 3:28:48 PM
From: Shack	Read Replies (1) \| Respond to of 209892

The decline into October low (to me) was as clearly impulsive I think this wave is the key. Yes it does look impulsive in many indices. But check out C or MSFT or even the NDX. That wave looks corrective, and in the case of MSFT without argument. Hell even the FTSE has a similar wave and it looks very corrective. There just seems to be way too many stock patterns which point to everything off the July lows until now as part of a single a-b-c. We certainly could go higher in the short-term but MSFT, C, IBM and many others are up against an army of Ninjas nearby. Not to mention the options being heavily skewed to calls for November, max-pain says down in the near-term, and quite hard. I am short as of this week and I will be adding tomorrow on any strength. And becasue of the max-pain situation, I may even play some November poots.

To: skinowski who wrote (58391)	11/3/2002 5:02:49 PM
From: velociraptor_	Read Replies (1) \| Respond to of 209892

I thought so too...but I can also pick it apart in the hourly charts and come up with a corrective count that looks like an expanded zigzag. Here waves A and C are equal in legnth, and B is a complex pattern about twice as big as A and C. Aside from the examples Shack mentioned, I have at least 50-60 charts with a clear A-B-C pattern off the July lows, where the B is definetely not an impulse. Given other data such as divergences and volume I think it now points to a corrective off the July low.