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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Doo who wrote (47013)	4/17/2000 3:45:00 PM
From: James Strauss	Read Replies (1) of 99985

Jeffry: Major corrections usually end with some kind of test of the bottom which creates a W shape called a double bottom... bigcharts.com In the fall of 1998 you can see such a pattern at the bottom... I don't recall any correction that ended on a V bottom... 1987 was close, but still had to base before resuming the uptrend... intelligentspeculator.com It's all part of investor psychology... The brave ones buy first at what they think is a bottom, this moves the indexes up... Others sell into this mini rally... The indexes drop again... Others buy in with the hope that the bottom has been successfully tested... If this new rise isn't met with a lot of selling and or we have a lot of money coming off the sidelines, we trace out a "W" double bottom pattern to the upside... Jim

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