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

To: Perspective who wrote (173426)	11/12/2008 2:07:05 PM
From: The Freep	Respond to of 209892

What makes it even harder to play is that when/if we reach that SPX line, the INDU and OEX will have pretty solidly broken their corresponding lines. Those breaks imply much lower prices. A bounce off 850 might only serve to backtest THOSE breaks. Frankly, I think taking profits is never a bad idea in this market. What makes it a challenge is that one clear alternate to the D down/triangle idea is that we're into the downwave already, and this could be a wiggle iii of it. not where you want to go long, certainly, but also the best place to hold short. GOOG is a great example. Every pattern I've been watching points lower, so with infinite time, I'd hold. But in puts? Timing matters, and we're likely talking 20 points in either direction you either capture or get hit by.... Tricky.