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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Electric who wrote (26352)7/31/2000 11:48:37 AM
From: donald sew  Read Replies (3) of 42787
 
Electric,

I see the first main line of resistance as the LOWER TRENDLINE of the RECENT BEARISH WEDGE which was broken to the downside. Its around 4000 now. Also, assuming that 3600 was the short-term bottom the FIBONACCI 38% rebound level is around 3850. 62% level would be around 4000. I consider a rebound over 62% as being bullish, but from a subject viewpoint just dont see too much right now that is all that bullish to push the index that high for this SPECIFIC short-term upswing. It could happen in the future for this SPECIFIC short-term move, I feel 4200 is a bit too much.
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