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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (131)	2/25/2000 12:20:00 AM
From: John Pitera	Read Replies (2) of 33421

DJIA weekly from 1-1-1987 to 2-24-2000 here are the primary trendchannels on the logarithmic scaled chart. geocities.com the uptrend since 1995 is in effect until broken. It allows for a move to the mid 9000's and even a move to 9200 would be possible while fitting into the overall context of this bull market. Now on this chart note that a .236 retracement of the entire bull market move in the DJIA from the Oct 20th 1987 low to the Jan 14th 200 high is @ 9400 and the 50% retracement coincides nicely with the dark red trendline that is connecting the 1987 and 1994 lows in price. geocities.com I am by no means saying that we are going down there, anytime soon. But It would be a powerful buying opportunity and it illustrates a "cluster" effect of different support levels derived by different methods. you can also see that the 39 week cycle is catching some time turning areas as well. John

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