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Very good, Harold thanks. I agree :-)
For a more large time view could I post these?. Sorry for too much
lines.
r.
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----- Original Message -----
<DIV
>From:
hcour
To: <A
title=Metastockusers@xxxxxxxxxxxxxxx
href="">Metastockusers@xxxxxxxxxxxxxxx
Sent: Saturday, June 21, 2003 10:40
PM
Subject: [Metastockusers] Re: Naz
Naz Daily:<A
href="">http://tinyurl.com/ex0dNaz
Weekly:<A
href="">http://tinyurl.com/ex0fSOX:<A
href="">http://tinyurl.com/ex0hThese charts
should be easier to view.This week: Mon 6/16 a wide spread closing on
the high on slightly higher vol that completely reversed the Fri down bar
and closed above 6/05. Note that his bar really doesn't close much above
the previous bar's high. It spends a lot of effort just making up lost
ground. However this still looks positive but Tues there is no
follow-thru; a very narrow spread, a hammer, on higher vol, which was
unable to reach the previous 6/06 high. So that's relatively strong vol
which accomplishes little - effort vs result. Wyckoff would have called
Mon a sign of strength, but he would also say that if such a seemingly
positive sign does not produce results *soon* it then becomes the
opposite, a possible sign of weakness. Obviously this is the recipe for
every double-top or H&S or triangle formation.Wed an up day on
higher vol, the highest in 8 days since the (possible) buying climax, and
a wide spread but the close is barely above Tue's high. However price is
now at the previous high and the last 3 bars have closed near their tops.
So one asked: Will we get a breakout here?Nope. Several
interesting things on Thurs: A wide spread closing on the low w/slightly
lower vol which upthrusts the previous high and closes right at the bottom
of what's looking like a bear flag (green lines). Note how price is also
unable to get back to even near that upper channel supply line (yellow)
and closes below that middle channel line.Wyckoff defines a
Trading Range as a Buying Climax, Automatic Reaction, Secondary Test. I've
labled the present trading range, defined from 1685 to 1600. The ST has
upthrust the BC and reversed and did so on substantially lower vol than
that of the actual climax. Unless there is a quick recovery this scenario
would seem to indicate weakness and further consolidation if not an even
more substantive reaction before any kind of rally can resume.Fri
a narrow spread on lower vol which closed right at 50% of the range
(dashed line) and dropped out of the flag pattern.On the weekly this
is the 3rd topping tail in a row, the close right near the low. Very
negative.The SOX, which has been outperforming the S&P during this
rally, is now looking pretty weak and its RS line appears to be
faltering.HaroldTo
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