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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (13999)	4/4/2001 1:27:08 AM
From: Bandit19	Read Replies (1) of 30051

Zeev, Here's what John Murphy has to say.... Tue, Apr 3, 2001 - Nasdaq Headed to 1500 ALL TRENDLINES BROKEN…Back on March 6, we wrote a piece making a "Chart Case for a Nasdaq Bottom". The main part of the case was built on the idea that there were a lot of long-term trendlines clustered in the 1900-2000 region, and the fact that the Nasdaq had retraced two-thirds of its bull market from 1990. Unfortunately, yesterday's break of the 1800 level leaves little doubt that all the support lines we were using have been decisively broken. Where to now? 1500 SUPPORT…Chart 1 shows a weekly chart of the Nasdaq Composite (on a log scale). (see Chart 1) In downtrends, markets will usually test previous lows. The chart shows that the next prominent low was formed in October 1998. The intra-day lows range from 1492 to 1357. Another previous low was formed the previous October (1997) near 1500. For that reason, we're putting the next Nasdaq target in the 1500-1400 zone. That would represent a total decline of 70% from last year's high.

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