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Strategies & Market Trends : Steve's Channelling Thread

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To: mishedlo who wrote (15752)	5/13/2001 11:21:17 AM
From: Zeev Hed	Read Replies (2) of 30051

I always make revisions, right now, I have the next low (first leg down in the inverted W) occurring around May 23rd, it was May 9th as of, I believe late March and was revised about two weeks ago. The first target is still 1850 (once that mini bounce from the 2095 dissipates). As I have explained earlier this week, the nature of the next step, post that May 23rd event, will depend a lot on how we get there. On the MDD thread, I explained that the current model has a bifurcation at the 1850 level, and until I get more data of actual trading, I won't have a good guess of where we go. Note however, that prices follow volume, and all recent rallies were on anemic volume, and yesterday, the Naz volume was 1/3 of its recent peak volume. Some bulls interpret this as "retracement on low volume, thus good", my interpretation is the diametric opposite. Zeev

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