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

To: ajtj99 who wrote (62981)	1/7/2003 10:44:13 PM
From: At_The_Ask	Read Replies (1) \| Respond to of 209892

If this is the "brother" of the leg from oct then it will be in the form of a c wave impulse. Either a wedge or more likely a straight shot to whatever level it reaches. It will be short in time and cover alot of ground as is the nature of an impulse. the rule for impulse retracements is "the four of three of 1 less degree". So if today was a 2 of three for instance it would have already fulfilled it's nescesary retracement. I may scalp it some more to the upside but timewise it shouldn't be long before the top is in. A fund trader could miss a large part of an impulse move due to only being able to enter at the close. So if the 3 of 3 is tomorrow then tomorrow pm you might not want to even enter. at_the_ask.tripod.com If you look at this chart and focus on the big white stick just after the arrow you can see exactly where I think we are in the daily timeframe. That wave was 50% of the wave from the nineteenth to the high on the 23rd. If this move plays out as the smaller wave did. Then you will be going long for a possible 25% or so of the move from the oct 10 low to the dec high. approximately 100 comp points in maybe 3 days? The spoo's have already made .38 of the total oct to dec rally so I figure they only have about 10 points left? It will vary across the indexes but I that little wave is good roadmap, as I think it is, then the end is near for this rally. It could be longer or shorter who knows. A fib note is that we went up four days and down slightly today-five days. If you look at a daily we rallied 4 days, retraced 1, then rallied three more days -fib 8 days- from 10-10 until 10-21. I think the same thing happens here except this time the rally is over. So three days then doom. I should have stayed in but I started geting nervous and took profits.