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

To: venividivici who wrote (128575)	1/28/2006 1:16:45 PM
From: Shack	Read Replies (5) \| Respond to of 209892

Yes the wiggle expanded flat idea is possible. In which case we would probably go back and test the low 40 support level on the Q's. Changes little though, just delays the launch. I don't really favour that scenario, have you seen the put-fest on the QQQQ 41 strike price for feb? The sell-off last friday got way too much attention and is barely a blip on the NYA chart. Anecdotally, the chatter that both that day as well as the related Nikkei drop was likely a good tell that nothing more would come of it. The volume turns out to be climactic. The dominant chart for me remains the COMP which hounded above a two year wedge in November, spent the better part of the subsequent 6 weeks backtesting that breakout and then launched again early this year. Whether it comes from here or after another backtest I still think we are heading several hundred points higher.