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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

Nov 19 4:00 PM EST

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To: Sunny Jim who wrote (47631)	4/21/2000 5:28:00 PM
From: Les H	Read Replies (2) of 99985

He's looking at a potential retest of that DL (Directional Level) line as support where it made a 3-wave decline. Breakage would lead to a potential decline to the next lower support on his chart along the trendline drawn from the point in the 40's to his DL level of 71. The DL level is the low point of that large potential top formation with that first low made in February of 1999. Also, the DL level coincides with the long-term support trendline made from the October 1998 lows. I think there's also another support trendline in the low 60's using low points from 1996 through 1998.

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