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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 681.76-1.1%Dec 12 4:00 PM EST
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To: donald sew who wrote (3848)1/20/1999 2:57:00 PM
From: bobby beara  Read Replies (1) of 99985
 
Donald, on a weekly Nasdaq chart draw trendlines along the 10/97, 4/98, 7/98 tops and along the 4/97 & 1/98 bottoms.

Nice parallel trendlines.

Notice that the time spent under the bottom trendline was a bear trap, got everyone bearish, selling, raising cash, buying puts like nobodies business and willing to pay any price, the herd hated stocks and wanted to get rid of them.

Now look at the flip side, we've pierced the uppertrendline in the first week of January and you can flip flop all those above descriptions and we have a bull trap. Herd is ga ga for stocks and willing to pay any price, everybody is buying calls, etc.

I just wonder if we have to have a corresponding jump over to compensate for the jump under. That would poot us at about 2600.

My wave count from the panic bottom on the 13th sezs we just finished wave three at the high today on the compx and should consolidate for the next day or so before the final push.

bb
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