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To: Shack who wrote (127434)	12/23/2005 6:36:14 PM
From: skinowski	Respond to of 209892

Nice picture, and the weekly hammer looks interesting... But re-draw it more or less along the lines of "MC's ED" - namely, connecting the tops of Jan and Aug 2005. In this case, most of the action of the past few weeks looks like a pretty normal "overshoot" -- and as little as some 10 points down may bring the index back under that upper trendline. Not trying to be a pain in the arse (no need to try, that comes naturally) -- just pointing out that technically the index may be seen as being in a fairly precarious situation. Taking out this week's lows could be pretty darn bearish.

To: Shack who wrote (127434)	12/23/2005 7:55:02 PM
From: the-phoenix	Read Replies (3) \| Respond to of 209892

That clearly is an important chart at this juncture, so in the name of intellectual honesty it behooves us to draw that triangle correctly <G>. As you have said many times, "that's not an Elliott triangle". I think it probably should look more like this: ttrader.com And, fun with trendlines, I can make it look like we closed back inside the upper line today. As Skinowski essentially said, whether or not this has "hounded" at this point is in the eye of the beholder. Sorry, Shack, but you've been an excellent teacher. ;-)