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

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To: JRI who wrote (36265)	11/24/2000 11:04:47 AM
From: donald sew	Read Replies (1) of 42787

JRI, >>>> Which NDX level corresponds with that 38% Fibanocci? <<<< Per a previous INDEX UPDATE: >>>>> As mentioned previously, it is common that even in severe bear markets to see a 38% FIBONACCI rebound of the immediate down leg. For this discussion lets say that the NDX does get to 2600. Based on 2600 here are the FIBONACCI REBOUND LEVELs calculated from the SEPT PEAK of 4080 and the OCT PEAK of 3380: 4080-2600 = 3162(38%) 3340(50%) 3518(62%) 3380-2600 = 2896(38%) 2990(50%) 3084(62%)" Note that the 38% FIB level at 2896 is right at the most current downward trendline, which is also the upper trendline of the BULLISH WEDGE, mentioned above. So its fair to say that if the 2550-2600 support holds the rebound should at least take the NDX back to the 2900 region. <<<< The NDX got to 2667 on WED, so if 2667 holds the levels mentioned above will be slightly higher, about 50 points. If the NDX breaks the wedge to the upside, then the possible 38% FIB level would be per the 4080-2667 range not the 3380-2667 calculations. seeya

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