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

To: coferspeculator who wrote (179)	7/23/2004 6:54:57 AM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Watch List Stocks-Activity for July 22 IGT-We have had our eye on this one and the character of today's action offered evidence that the targets mentioned in the WLS of 6/11 are looking good. Since that report IGT rallied back up to the ice area forming another LPSY that provided a three phase count. The first count suggested a $34 target which suggested a test of the lows of the year. The second phase target suggests $29-$31. The third phase target suggests a conservative target of $28. This target matches the mid-point target mentioned in the 6/11 report. The character of todays action with the greater spread closing near the lows of the day on substantially higher volume is important. The volume for the day is the highest in a long time. There is a potential PS area in mid-June. With several targets in the $27-$30 range there is a possibility that a SC may occur. With a potential PS in place and a possible SC occurring that would validate the PS, appropriate actions need to be considered to make sure you are prepared for this if it appears to be occurring. Short term speculators are sitting on over 20% profits in less than six weeks and those that took intermediate term positions are looking at the same. In the later case there is still the potential to attain the original lower target so selling a portion of the position might be considered.