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Strategies & Market Trends : John Pitera's Market Laboratory
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To: GROUND ZERO™ who wrote (1767)5/25/2000 11:30:00 AM
From: Chip McVickar  Read Replies (2) of 33421
 
GZ,

Other TA factors to consider on this DJIA chart:
1) The pennant
2) The retracement on 4/14 below .618%...a show of weakness for the pennant
3) The formation is a triangle...almost complete and not broken
4) Classic "M" pattern formed after 4/14...exactly on the .618 retracement at 10,364. This would indicate resistance at 10,690 and a break from there below 10,300 and 10,200
5) Chart is within 2 major down forks
6) Weekly chart has a diamond

This is not to say all of these are not possibly bullish...!
With the exception of the "M" 4/14

I'd like to see this pennant break higher.<smile>

Chip
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