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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.89

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Dec 3 4:00 PM EST

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To: gem-x who wrote (78766)	6/15/2001 9:24:59 AM
From: HairBall	Read Replies (3) of 99985

gem-x: Thanks for the contribution. I re-read my post to you and hopefully it did not come across different from my intentions. I don't use e-wave, but I am not putting the use of it down...I just don't think there is a holy grail to technical analysis. Is there any way you can present your work in graphic form? IE: A chart with you count... Per the chart I posted on Monday of this week, 1973.82 is the 50% Retrace level of the 4/4 rally. Pretty much in the middle of the unfilled gap up 4/18-17 (1995.91-1941.57). Next Fib retrace levels are at 1890.22 (61.8%( and 1771.19 (78.6%). Note that the (78.6%) level is almost exaclty at the upper boundary for the 4/10-9 gap up (1771.68-1757.38). Not to go un-noticed is the fact that the QQQ has filled its gap up for 4/18/17 and dipped below. The NDX is in the process of filling the same closing near its 50% retrace level of the 4/4 rally. My COMPX intraday technicals were legging into the oversold range at the close yesterday. I think your expectation for a bounce to begin today is sound, I am not saying I agree with the magnitude you've expressed, yet! I would not be surprised to see the futures turn around pre open. The COMPX trading action off the 6/7 pivot high has begun to trade in an intraday falling channel. That channel must be negated before a new up leg can be confirmed... My QCharts "Intraday" - COMPX (NASDAQ Composite) 130-min Semi-log Chart marketdirectionanalysis.homestead.com Regards, LG

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