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

To: ajtj99 who wrote (86248)	11/20/2003 10:15:56 PM
From: SwampDogg	Respond to of 209892

It all comes down to whether the larger trend is still up or whether is has switched to down. If it is the latter... comparing data since March 2003 will be of no use and surprises will be to the downside. Looking at the chart of KLAC sums it up here. A little lower and we are right at D day. It is oversold on the dailies but any break of the trend support and it is going down in a hurry. I can even see a really bullish alternative that this whole pattern going back a couple months is a consolidation and we will go to $70.

To: ajtj99 who wrote (86248)	11/20/2003 11:01:34 PM
From: Shack	Read Replies (1) \| Respond to of 209892

I'm not arguing with you. I agree that we are oversold within the context of this bull trend. If its still in place then I think there may very well be a nice buying opportunity very soon. Hey, I even went long JDSU earlier this week as I saw a bullish pattern. But right now I am having a hard time finding any bullish set-ups in the near-term (other than that JDSU wedge..which I am now a little skeptical of). Let me know if you see any. I do watch those indicators but I am far more into the classical side of TA as you know and today we saw a backtest of some breakdowns and we are continuing down. Its really that simple for me right now. BTW, the key part of Les' scans IMO is the identification of the "price phase" which simply identifies the short-trend trend which is very helpful in my trading. For now it reads down.