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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (2441)7/7/2000 7:39:16 AM
From: AllansAlias  Read Replies (1) of 436258
 
There is no question that the Dow triangle is tightly coiled now. Yesterday's dogi argues somewhat for an important break today. However, there could be substantial movement up that could still be bound by the containing diamond.

The measured move is about 1000 points. But if we go much further into/through the apex, this becomes more unlikely.

The NYA triangle is a sort of a mirror reflection of the Dow triangle and argues for resolution downward.

SPX/NDX have built small H&S-like patterns above a shelf of hard support. In the case of the SPX, the shelf was predictable. The NDX level seems contrived (i.e., driven by other factors such as the SPX pattern).

My read is that there remains excellent downside potential, while upside will would be limited and lead to new ranges.

I do not care which way it goes :) --Allan
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