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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 6 4:00 PM EST

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To: Les H who wrote (33944)	11/22/1999 11:00:00 AM
From: Les H	Read Replies (1) of 99985

Friday, November 19, 1999 Favors Since the October 18 bottom it has been our position that the Dow had seen a major low, and that the next Bull-Market leg to new highs had begun. In fact, in our October 18th newsletter we stated that our work suggested the Dow was near the next major low. We stated the following regarding our important Gann Quarterly Chart: "The Quarterly Chart turned down again on Friday, October 15, 1999. The history of the last 12 years suggests that there is a good chance that we are now within one to three days of an important bottom. The Dow in fact reached a low of 9884 intraday on 10/18/99, within two days of our target. The Dow has since rallied 1273 points from that low to a high of 11157 on 11/18/99. The Bradley Indicator called for a low near October 19, plus or minus 2 days and then a rally into a short-term top in mid-November. The Dow plunged 1545 points from its August 25 all-time intraday high of 11429, reaching a low of 9884 intraday on October 18. That low was within one day of the Bradley target zone. The Dow has since rallied 1273 points from that low to an intraday high of 11157 on November 18. The closing high so far has been 11036 on November 18. The Bradley suggests we should be near at least a short-term high. Over the past two weeks we have had a short-term upside projection calling for 11056 plus or minus 117 points in the Dow. That projection was met this week at that 11157 intraday high of November 18. Higher projections should be given next week. From here we would look for a short-term low on Monday or Tuesday of next week and then another rally to a short-term high near November 26, plus or minus 1 day. It remains our position that new all-time highs will ultimately be seen in the Dow.

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