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Pastimes : Trading the markets.....

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To: Moominoid who wrote (958)	11/29/2000 4:03:30 PM
From: Chip McVickar	Read Replies (2) of 4583

David, The bottoms look similar, but they are significantly different, both in psychology, time and bar patterns. In order for todays bar patterns to match '98 the market must close below the 10/18/00 low of 1305. This would create the "W" pattern that was apparent in '98. (note: A "W" pattern is also apparent for 10/18/99 time period) What the SPX charts suggest to me, is a very ragged "M" topping pattern since March, any rally here should have a hard time getting over 1420. That will be the test for GZ's Bullish stand. BTW, this same rough "M" is also seen on the DJIA. The Nasdaq has a clean one in March and also in July/Sept. The markets are in a down-trend and I think we have to be cautious of any rally until these "M"'s are broken. This could take a few years. These Links by Les are important. And may portend the future for the world markets in 2001...? Message 14902751

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