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Strategies & Market Trends : Timing the Trade the Wyckoff Way -- Ignore unavailable to you. Want to Upgrade?

To: coferspeculator who wrote (1)	4/10/2004 4:41:41 PM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

UTX-In early May '03 UTX jumped the creek (a sign of strength) and backed up to the edge of the creek (an LPS) at $65 mid-month. The potential target from the LPS was $95 offering a possible 45% profit. In late December indications of an ending action started to appear. A couple of subsequent upthrusts, with the final one in mid-February on very high volume offered a potential down move to $84 level for a short term trade. Since the ending actions during the week of 3/22, UTX has moved back to the half way point and the ice level on low volume. This is bearish. The action on the past Wednesday had demand being met by supply on significantly higher volume. Thursday, UTX experienced an intra-day failure to the upside and closed in the bottom third of an increasing spread. Some demand came back into the stock late in the day. In the short term, the first phase downside objective is $80. A stop could be placed slightly above $93, offering a potential risk/reward greater than 3-1. There is a greater potential to the downside but first things first.