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Gang -- weekly trend shows 3rd wave down; maybe complete, with 4th wave
retracement to begin. Daily indicates 5th wave low -- again, maybe complete.
Given that weekly downtrend may not be over, I'd wait for some kind of upside
"fail" on the daily before considering entering long -- and then with close
sell stop. I'd rather see a weekly 5th along with this daily 5th, before
considering a long trade.
With best regards,
Colin Johnston
035701c1e0d3$609fef20$3dccfb43@xxxxxxx">
Lee,
If I don't see a good wave 4 (credible
with 5/35 to zero and an ABC with divergence between the A and the C on
a 5/17) and subsequently a good minor wave 4 in wave 5 (use the 5/17 a lot
for wave 5 internal count), I generally as a rule won't trade it.
It is these "foolers" that one learns
through experience, in a reduction in their pocketbook, to respect :-)
Your lessor time frame is correct and
pivotal, which is why I would recommend having the 60min charts. The problem
is you can normally only get them using AGET data which is expensive, although
I understand there are now methods to "get around that", pardon the pun.
don ewers
As an add on I have not used 60min charts on stocks all
that much (do on
commodities though) so this falls in the FWIW department (meaning little
experience as to the accuracy).
don ewers
----- Original Message -----
From: Don Ewers <dbewers@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, April 10, 2002 1:05 PM
Subject: Re: [RT] AOL
> BobKC,
> Here is what AGET is saying on a daily chart FWIW.
>
> Price is definitely into some support areas including the MOB's
and just
> entering the wave 5 target range (I also did an "internal" wave
projection
> of just wave 5 which shows an even more refineded target range
which "may"
> come into play as well).
>
> Typical trade rules would require a break of the regression channels
or
the
> 6/4 ma channels to trigger a buy. I will look at a 60min to see
if it
> reveals anything more in detail. If so I will post it.
> don ewers
> ----- Original Message -----
> From: <bobskc@xxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, April 10, 2002 12:21 PM
> Subject: [RT] AOL
>
>
> > I felt that a bottom may have been put in for AOL today and
bought in at
> > 20.33. The 20M new shares was filled without effort and the
low volume
> > leveled ... Warner is worth about $22 as a weighted mc which
means AOL
is
> > free and you get TW at a 10% discount. Just my thoughts and
action..
all
> > due diligence in order of course.
> >
> > Bob
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