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

To: Shack who wrote (62467)	12/31/2002 5:25:02 PM
From: ajtj99	Read Replies (1) \| Respond to of 209892

Shack, I've been tracking lots of trendlines on that chart, and when we get adjustments, I adjust some lines. They only started to look like a wedge today with the consecutive lows connected. Fundamentally, it's not proper to start the anchor line of a falling wedge from last Thursday and have your trailing line start prior to that. I also don't like that trick where you connect two lines and then take them backwards to make a support line. Either way, we are quite oversold here, and some kind of relief should come soon. Whether it will be substantial or not remains to be seen. I'm flat right now, but looking to buy SMH calls around SOXX 275 for a Jan Max Pain play. FWIW, we normally hit Max Pain on the Monday or Tuesday of expiration week, so we're less than 2-weeks out for that.