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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 670.21-1.1%4:00 PM EST
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To: el paradisio who wrote (56690)7/17/2000 12:40:37 PM
From: Les H  Read Replies (2) of 99985
 
I think you have room up to the 4335-4350 area. Three trendlines converge there:

1) 61.8% retracement of decline from March to May
2) horizontal support-resistance line connecting peaks of January 2000 and lows of February 2000
3) resistance line connecting recent peaks for May 16, June 6, and June 22 peaks

There are also two alternatives for this leg:

1) using base low of 3695, move to 4335-4350 is 61.8% of first leg from 3042 to 4073.
2) using the last base low of 3763, move to 4275 is 50.0% of first leg from 3042 to 4073.
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