Steve's Channelling Thread Message Board

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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (17290)	6/7/2001 7:38:09 PM
From: ajtj99	Read Replies (1) of 30051

Zeev, while we both agree that this run is about to end, I think the COMPX chart appears to be forming a complex head and shoulders. If that is the case, we may be locked in at the 2050-2338 range for the next 5-weeks or so until the formation plays itself out. That would indicate a low just before the Fed meeting and a small rise afterwards to re-test tomorrow's level that subsequently tails off. Our right shoulder could then break at 2050 for a drop to 1620 or below in late July or August. I guess the only question is that does this mean the end of the bear, or do we have a rally into the high holy days in September and the big drop in October? I think the October low is getting to be more and more the likely scenario in light of this week's movement and the recent comments by the Fed.

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