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Strategies & Market Trends : Classic TA Workplace

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To: JRI who wrote (6127)	7/1/2001 8:44:54 PM
From: John Madarasz	Read Replies (1) of 209892

JR...The head and shoulder pattern is still in play here on that chart. It's very important to remember that so far this is a BEAR market rally to RESISTANCE here (50 sdma and downtrend line from the May highs.) H/S will only be invalidated if the right shoulder highs get taken out, I say on a closing basis. Draw an uptrend line through the lows starting at 1655... stockcharts.com[h,a]daclnnmy[db][pc5!c21!b50!a1963!f][iUb14!La8,17,9!Lh5,5!Li5,5] This could bounce higher up that line for this week...right into the turn date July 5-9, it could be a beautiful thing thing<g> but if that lower uptrending support line gets violated, it would lend creedance to the bear case for sure. No reason the VIX/VIXN can't go lower... and all those calls can get flushed into the 20th<gg> no reason at all

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