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Pastimes : Trading the markets.....
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To: Bull RidaH who wrote (205)10/10/2000 10:26:33 AM
From: Chip McVickar  Read Replies (1) of 4583
 
Hello David,

After this move up formed I went immediately to the next and closest fork on the 30/60 min charts.

The Lower Tine of these new forks is now the deciding factor in determining if this rally remains intact. Break the dowside and the fork is broken and I'm out.

My target is the median line at 1420 cash.
Then rethink the entry.

Take a look at the daily forks for the SPX and Nasdaq.

Both These Markets:
Are near or on median lines
Near or on major Fib retraces from Oct 99-Mar/April 2000
Near and in an historically congested area.

Now it's up to ones momentum indicators and their measurements of strength/duration.

Nasdaq has a "M" pattern which is ominous.
This move could be short lived.

Chip
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