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

To: jjstingray who wrote (89913)	1/22/2004 12:11:08 PM
From: Shack	Read Replies (1) \| Respond to of 209892

Well if you want a short "set-up" per se, then look no further than IBM which has a wedge built of the March 2003 low. However guess what....we're probing above the top line. Woof?

To: jjstingray who wrote (89913)	1/22/2004 1:08:01 PM
From: The Freep	Read Replies (2) \| Respond to of 209892

Stalking shorts, eh? I think what I've learned over the last trading period is that it's better to stalk setups rather than shorts or longs. You keep coming up with great long setups, don'tcha? Along these lines, I was trying to take a WAG as to what the market will do with KLAC, MSFT, and AMGN tonight. In other words, has the Naz/NDX action of the past two days been an ABC, with the C down either done or in need of one more low today and then we launch again? Or has it been something else? I even went down to a wiggle 30 minute chart to see what I could see. The move into yesterday's low was clearly 3 waves on that chart, followed by what looks like three up (with a small 3rd). We did break the triple top at 2150 this morning, though it wasn't convincing. Mind you, I don't know how the market would have strength left to "explode up" tomorrow, but I guess MSFT could be that strength. Heck, KLAC really doesn't look bad on the charts, and bios are doing well (and AMGN, I believe had already upped guidance). the freep