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Strategies & Market Trends : MDA - Market Direction Analysis

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To: HairBall who started this subject	6/16/2001 9:12:20 AM
From: gfs_1999	Read Replies (1) of 99985

Fibonacci turn window until June 19-21 Moreover, "nothing is screaming 'top' here," according to Steve Hochberg, co-editor of The Elliott Wave Financial Forecast in Atlanta. "Even if we top short term and pull back, it's going to be another solid buying opportunity." The only indicator Hochberg expressed any concern about was the Chicago Board Options Exchange Volatility Index, which fell another 7.1% today to 21.22. That's the VIX's lowest point since early September 2000. The newsletter writer does not foresee another so-called Fibonacci turn window until June 19-21. To review, turn windows are chart patterns used to identify when short-term trend changes will occur, not which direction the market will go. The theory being whichever direction the market is going heading into the turn date, it will reverse course thereafter. Faithful readers will recall Hochberg has made some eerily good forecasts in recent months and deserves to be taken very seriously when he says (as he did today): "Nothing would lead me to believe this is the end of the up move" from the March lows. He forecast a 50% chance the Dow reaches a new high by year-end. thestreet.com

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