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Strategies & Market Trends : TA- Scans and System Tests
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To: michael s boggs who wrote (498)4/25/1997 12:48:00 AM
From: gonzongo   of 989
 
Mike: come to TA in NJ this July.!!!!!!
As far a 6200. Historically the market tends to correct back 38%, 50% or 62% or near to these numbers. So We started in July 96 at a low of:
5170 and hit a high of 7158. A 50% retracement would be:
6164. 38%- 6403. 62%-5926.
Nasdaq-july 96- 1008 high-97 1400

50% retracement- 1204. It stopped at 1194 to 1200 3 times so far.
62%- 1157.

Now it can go lower but tendency is support at these points if a correction. If a bear market then...........

Heck I even heard someone on CNBC discuss this point the other day.

yt

andy
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