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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (1806)	5/4/2001 12:12:20 AM
From: Perspective	Read Replies (1) of 209892

We've had five upward corrections since the break in March 2000. All have lasted 4-5 weeks. 1929-32 witnessed a similar set of upward corrections. While I'm still cautious here for a potential "C" up lurking, I've got to admit that my gut says we just wrapped up the whole correction. The resistance level we just turned down at is straight of the 1931 Dow play sheet. Note also that the contraction in the underlying companies is similar to the contraction experienced by the companies underlying the 1931 Dow - revenue reductions of 20-40% were commonplace, as they are now among the Naz100. First things first, though. We need to break down through 2000 to get me interested, and then taking apart the H&S bottom would be even more interesting. I'm sure she'll tip her hand one way or the other. I just find it much easier to sleep when I'm short this thing, not long. That nagging voice inside me says this whole mess has the potential to surprise even us early bears in its duration and severity. We've never witnessed before what happens when the pendulum is pressed so far to one side and then let go... BC

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