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Politics : Idea Of The Day
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To: Jerry Olson who wrote (32832)9/7/2000 8:35:13 PM
From: Chip McVickar  Read Replies (1) of 50167
 
Jerry,

The Nasdaq's recent top on 9/1 completes the right side of the topping "M" pattern. It looks very similar to that very clear and perfect "M" in March.....just a little broader.

I view this recent market burst past the established trendline as a spike up in a bear trending market, which the Nasdaq has established over the last 7 months..!

This suggests the selling pressures are not over for the Nasdaq. If the market retraces off this early Sept peak and breaks 3685.00±, which is the 'v' of the "M", that could easily set the stage for a retest of 3000.

If the market moves back up from here and makes a new top above 4259.87 this chart pattern is broken.

To early to tell, because early Sept is often strong and peaks about 11-15th.

BTW... I called the Nasdaq drop perfectly using this pattern in March and used it's sister formation the "W" when calling the Utilities explosion in March. Also the retest of both middle areas.

I'm looking forward to seeing what happens the next few weeks.

Cheers..!
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