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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: nspolar who wrote (7871)	5/20/2007 3:00:20 PM
From: nspolar	Respond to of 33421

Here is another indice I never follow, the Dow Composite. I show this not so much for the bullish count, which suggests a decent correction is possible in this area, but for the channel. It is a nice fairly tight channel, and does not suggest a B wave in progress at all. Imo it is very impulsive looking. Assuming we do get a correction it may be of interest to follow this, and see if it remains within its channel. The channel does not look to me like it is done either. Not enough hits on the high side, or the low side. TF