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#1 eminimee

eminimee

    I don't care who's fur is flying...

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Posted 19 January 2007 - 07:23 AM

I've been saying since the summer bottom that OEX is the one to watch...it's the lead dog. I realise you can't trade ndx/qqqq's off it...but I believe it will tell you if markets are totally breaking down at this point or we still have work to do on the upside. Keep in mind that higher highs here may not mean higher highs for all indices especially ndx. If OEX needs another high...a hold of the bottom TL on this chart might mean that the last leg of a 3 wave move may be needed to complete the 5 of an ED. 15 min shows a possible pattern...can't help thinking we may rally into FED. If we are breaking down now...as I said yesterday..OEX must get a daily close below lower TL on the daily and even better..a close below 655.

http://stockcharts.com/c-sc/sc?s=$OEX&p=D&yr=1&mn=4&dy=0&i=p36804403878&a=87693315&r=7114.png
http://stockcharts.com/c-sc/sc?s=$OEX&p=15&yr=0&mn=1&dy=1&i=p25197650636&a=89308538&r=3574.png