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Strategies & Market Trends : Rande Is . . . HOME

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To: Rande Is who wrote (24585)	4/25/2000 11:04:00 AM
From: Kevin Shea	Read Replies (4) of 57584

I don't think it will be a fast rise out of the ashes.. there will likely be a test of the downward trendline...a weak rally would stop around 3750 or so, a strong rally would get just over 4000... (the daily breakaway gap at the bottom is somewhat telling, when combined the way it is, it very often signals a bottom)... I'd say that we will play within the 3500 - 4000 range for the next 5-6 days awaiting the slow turn of the daily MA Long term it may be a different story... the fibonacci retracement from the move from late 1998 suggests that we have gone through a 50% retracement...any additional trauma could sent us to 2800 or so ( the next level( 66% or so) any overall recovery looks to require 7 weeks (IMO).... but right here is also sitting on a very long term support level...so we likely will sit here and test for a while.. Just my opinion.

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