Dorsey Wright & Associates. Point and Figure Message Board

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Non-Tech : Dorsey Wright & Associates. Point and Figure

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To: Lost1 who wrote (1068)	10/15/1999 10:45:00 AM
From: Ms. X	Read Replies (4) of 9427

Never discount. The DOW chart broke short term support on the 50pt chart but held on the 100. Bounced right off that support. Now, I don't know if this is the time but probably we will have some up and down action to create lower tops. So yes, the market could move up but an X would have to come next week. That X might create a higher top and then the market pulls back, hopefully holding support, then reverses up and maybe creates the buy... I wouldn't be surprised if we rallied here and closed way up from the low. Support is there for a reason. I can't promise what will happen after that though... Not until I see another buy. Of course, that is just the DOW. The NYSE BP will probably move a little lower which is great. Remember, this action is coming with the NYSE BP in low over sold territories. If this was happening while the NYSE BP was at 60% or higher and on a sell signal, I'd say grab the helmets, dig a big 'ole dish and dive for cover. But, we are in oversold territories, in which we can move lower, but only 36% of stocks are on buy signals. That means 74% have already dropped their pants at this point.

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