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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Chip McVickar who wrote (31806)	8/27/1999 8:51:00 AM
From: John Pitera	Read Replies (2) of 44573

Chip, after closer inspection, I see that you are right, the the djia and rut did not have inside days yesterday. Perhaps the most representative of all the indices for non-Over the Counter stocks is the New York Composite Index. Consider that the all time high close there was 663.12 on July 16. The recent low close on August 10 was 603.37, a decline of 59.75 points. A Fibonacci .618 retracement of that decline would take the New York Composite Index to a close of 640.29. Yesterday's close of 639.96 fell only 33 cents short of a perfect Fibonacci retracement.

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