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Strategies & Market Trends : Technical Analysis- Indicators & Systems
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To: gonzongo who wrote ()4/14/1997 7:01:00 PM
From: Dale Schwartzenhauer   of 3325
 
Andy: I need to update my numbers on the Dow based on today's intra-day low of 6356, which is likely the bottom of intermediate wave 1. The only thing that was unimpressive was the volume and A-D ratio, which could be a bull trap. If it is a bottom, it's about 300 points higher than expected, which reduces the potential severity of a May-Day massacre. The key resistance on a rally is around 6720-50; while the next downside target would be 5118, rather than 4277. The ultimate wave 5 low now suggests 4410 vs. 3693. Not quite the bloodbath I painted earlier, but still pretty rude if one is long these averages.

Dale
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