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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Teresa Lo who wrote (30874)9/24/2000 7:54:59 AM
From: donald sew  Read Replies (2) of 42787
 
IntelligentSpeculator,

Is that you Teresa???

Thanks for your commentary. I noticed your comments that HAMMERS are not reliable. Per my last index update I also mentioned a concern about those HAMMERs on Friday.

>>>>> Although these formations are commonly reversal signs, such LONG LENGTH of the LEGs(shadows) have been signs in the past that the short-term rally is already nearing its limits, all in one day. Is it for sure of course not, but something I wont ignore. <<<<<

In the case of the NDX, just the intraday rebound(lower shadow of candle) represents 64% retracement/rebound of the selloff from the 9/20 peak at 3810. It also already represents a 31% retracement/rebound of the selloff from the 9/1 peak at 4147.

Alot of people only look at the closing price and forget about the intraday move. They are bullish that it moved up so much on FRIDAY but then discount the fact that it already moved up significantly where in the case of the 9/1 peak, the NDX is only slightly below the FIBONACCI 38% level already.

Im guessing that if the NDX continues up, that the rebound on FRI is already representing 50% to 66% of this short-term rally. So basicly more than half of the rally is over.
Theres a resistance area around 3850, and if the NDX cannot break it during this short-term upswing then I would be correct.

seeya
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