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Strategies & Market Trends : Technical Analysis - Beginners

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To: SteelBlueIce who wrote (4196)	4/13/1997 7:02:00 PM
From: gonzongo	of 12039

The thing I like about youse guys( New York for Y'all) is that ultimately you are after "the truth" and ultimately respect each individual. My 2 cents which you know are that we will go down a bit more- rally for a while longer and then return to check out the lows again. Now this may take 3 or more months and I have not spent the time out of tax land to "predict" the turns and the times, but as you know ...... if I only had a chart .... a brain da noiv...... I would sell my "shorts" tomorrow and buy "long johns" for it's cool up in dem hills. Weekly Stochrsi(8,5) on DOW is zero//// weekly StochRSI on NAZ is zero/// This only happened once in my chart history back to 88. That was Aug 90 - week 4. NAZ hit a low of 359 and DOW had a low of 2459 the DOW then rallied weakly for 4 weeks and in the fifth week had a low of 2368 in the sixth subsequent week it bottomed at 2446 near the first low and in the seventh week= low was 2344. The slowly up from there. The previous high was in the 3rd week of July at 3025. Thus overall there was a 23% correction from the top. But the "zero" point was already down 19%. You fell 115 points which is about 275 points in our book. Thus about 6100 area. but it took 7 weeks after stopping here. The NAZ---also hits new lows in the fifth subsequent week and lower lows-in the seventh subsequent week. Another possible scenario. JOMO tin man

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