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Strategies & Market Trends : MDA - Market Direction Analysis

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Jan 27 4:00 PM EST

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To: Stcgg who wrote (28517)	10/6/1999 8:37:00 AM
From: donald sew	Read Replies (2) of 99985

Hi, As mentioned previously, there are alot of LONG-LEGGED DOJIs on many of the indicies, which is a reversal signal. However it does not mean the the market will reverse immediately. The upper limits of the DOJI(yesterdays intraday highs) should limit any rally. I do not have one of my charts up, but do recall that it took the market almost 3-5 days to break after the LONG-LEGGED DOJI in a few instances, and in other cases the reversal was immediate. Much has been mentioned about the HEAD & SHOULDERs on the SPX, and that it is now in the RIGHT SHOULDER. I also noticed that there may be a DESCENDING TRIANGLE in the right shoulder. This DESCENDING TRIANGLE is not perfect and actually had an overshoot to the downside, where some may even argue that it is a bullish wedge. Im more inclined to ignore the overshoot/imperfection and stick with the DESCENDING TRIANGLE. A DESCENDING TRIANGLE implies a break to the downside, so if I am correct, the previous lows should not hold. Chart patterns are not for certain seeya

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