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Here's the big picture on the 30 minute with the inside day outlined in
cyan, also the spring back through the pivot prior to the 1401 pivot
low. Note the post-close action took price to within 50 cents of the
bull flag target - a total run of 32 points. These are generally very
safe trades with tight loss control and big gains. Rare but well woth
jumping on when you see one in any time frame. Entry was on a 5 minute
chart 1 tick above the pivot reversal bar at 142975 with a stop 1 tick
under the pivot low 142750 PL.
Note that we are quite likely to be in a w.3 which will challenge the
projection and resistance around 1470 and pullback. If the retracement
holds at 38% or less of the run from the 1401 PL, we are likely to see
new highs in the S&P.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, January 07, 2000 2:07 PM
Subject: [RT] Fw: Re: position trading for futures/sp500 (1/2))
> Too big I guess, split the message. A final comment on bull flags: the
> projection method is bull flag pivot low (142750) + range of flag
> (143600 - 140125) which equals 1462. The 62% projection was 1448. With
> the 78% retracement of the prior impulse decline at 1448 and the 62%
> retracement of the entire decline at 1453, along with some internal
wave
> projections at 1443 and 1448, there were clear profit targets along
the
> way.
>
> Earl
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