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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: stevenallen who wrote (37858)	4/25/2003 11:57:26 AM
From: SusieQ1065	Respond to of 57110

/25/03, 11:55:05 The SOX has now come to rest on the top line of the since-violated-to-the-upside neutral wedge. Although the move down since Wednesday has undoubtedly been painful for bullish players, these kinds of retests can be expected, and I would now expect an attempt, however weak, to bounce here. More troubling to bullish players, however, might be oscillator evidence, which shows that the SOX still has plenty of room to fall. That doesn't mean it will. Perhaps instead it will steady at the top of that wedge, finding support there and consolidating while the oscillators descend back to oversold territory. At this moment, that doesn't seem the most likely outcome, but it's a possibility that must be considered, especially as the SOX is still on a P&F buy signal and above its bullish support line. More than half of the recent column of X's is being retraced by the move down since Wednesday, however.