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Strategies & Market Trends : Classic TA Workplace

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To: JRI who wrote (5120)	6/15/2001 9:17:51 AM
From: marc chatman	Read Replies (3) of 209892

I've got a possible support level. I can't tell specifically where it is, but I use the 60 minute chart to draw a parallel channel sloping downward. The top of the channel connects the peaks of June 7/8 and June 13. The bottom runs through the low of June 12 and should be drawn to run parallel to the top line. It looks to me as though the bottom of the channel comes pretty close to 2020, but it is running downward, so the bottom gets a bit lower each hour. It would be possible to stay within the channel and gradually bleed lower. (Of course, it's possible also, that the channel gets broken to the downside as early as the open.) Without some other signal, I'm hesitant to fish for a bounce to play long. It's possible to make some decent money, but it's a lower percentage play right now.

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