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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: dennis michael patterson who wrote (31761)	10/2/2000 7:40:13 PM
From: Kip518	Read Replies (1) of 42787

wanna worry? gad, NDX 2500!! I have already spoken of the Bump and Run Reversal. It also appears that a large Measured (Bear) Move could be forming. This pattern is made up of three parts: a decline, a retracement and a decline equal to the first. The first decline took the index from 4816 to 2897, a total of 1919 points. The retracement recovered about 62% of that decline and formed a rising wedge. The pattern's second decline can be confirmed when support from the retracement pattern is broken, which looks like today (Friday - 29-Sept). If this is the case, then the expected decline is 1919 (4916 - 2897) from the high of the retracement. A decline of 1919 from the retracement high at 4147 targets 2228, which fits nicely with the Dec-94 trendline, the Apr-99 support line and the 62% retracement at 2500. While trendline breaks can offer quicker signals, I would look for new reaction lows for confirmation. Over the last 3 weeks, the Nasdaq 100 traded mostly between 3500 and 3800. I consider the low of a 3-week consolidation zone a fairly significant support level. Therefore, a break below 3500 could be quite significant. stockcharts.com

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