Replies to post #185 on Market Talk

[LG]

John M: From your post you're betting the 5/22 Falling Wedge fails. A rally back up to the 50% retrace area of the 4/4-5/22 rally would put the price action back in the area of the resistance line of the falling wedge. We could see one more turn at the line, but I rather doubt it. If the wedge is going to fail, it will likely do it at current levels. We shall see...

Regards,
LG

[LG]

John M: Let us know when you decide to go short and what vehicles your using, individual equities, QQQ etc...

Regards,
LG

[John M]

Based on this mornings "revised"<g> GDP data, I now feel the the compx could extend past the 1974 50% Fib area to the top T/L of the falling wedge. It may breach that line, but I believe the rally will fail in that area.

I sincerely doubt the wedge will be broken to the downside now, for the short term, but inevitably I think it will fail as Q3 earning warnings begin...

Good Trading all.


John M