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Strategies & Market Trends : MP - Market Pulse

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To: ajtj99 who wrote (793)	7/19/2001 9:22:47 AM
From: HairBall	Read Replies (1) of 1328

ajtj99: I posted a chart of the NDX back in late May illustrating a slightly irregular megaphone, as it did not originate from a pivot high, but valid non the less IMO. The NDX tagged the support line of the Sept 00 Falling Megaphone exactly with the 4/4 low just as the COMPX was testing the support line of its rising megaphone originating from the 1974 low. Coupled with oversold conditions in a wide range of time frames it was obvious to me on 4/2 that either 4/3 or 4/4 were going to be a significant low. Note in the follow chart (sorry for the clutter) that when the 4/4 rally tagged the falling resistance line on 5/22 the price action reversed and began to oscillate trending down just under that resistance line. A fall a way from that line would be favorable to a decline into early August. However, a break above that line, more than just a testing breach, would likely signal the rally from the 4/4 low will extend from current levels. My WOW QChart NDX Chart can be viewed at the link below. Click on Chart 8 lgscharts.homestead.com Regards, LG

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