MDA - Market Direction Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Robert Rose who wrote (31239)	10/24/1999 2:58:00 PM
From: Stcgg	Read Replies (1) of 99985

WR0NG! There is no bullish argument for the near-term trend.. All indices are at resistance in a downtrend, the most recent entry is the Nasdaq, with a lower low and now a possible lower high in place.. Expect a mop-up rally in the Dow & S&P early next week, followed by a sharp and steep decline in wave 3 of the downtrend.. Wave 3 is the longest in the Elliott Wave pattern.. Dow resistance levels are 10507-10525, with higher resistance at 10592-10719.. The Nasdaq completed a perfect fibonacci 78.6% wave 2 retracement on Friday morning, it is ready to begin a sharp fall down toward support at 2168 in the futures, 105 7/8 in the QQQ's.. The 5Day ARMs is overbot @ .768.. The CBOE shows widespread complacency.. Recent volatility and the zig-zag nature of the upward retracements give added clear evidence to the argument that recent rises have been corrective, rather than impulsive waves.. >><<

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next