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To: sea_urchin who wrote (12309)10/9/2001 10:46:32 PM
From: Tom Byron  Read Replies (1) of 82052
 
here is the weekly spx bar chart which covers the period from 1/1/00 to 12/31/01 (12/31/01 not yet here, of course)...:)

parallel channel lines can be drawn in the following manner:

the bottom line starts from the april, 2000 lows and crosses below the march, 2001 low and the recent sept 2001 lows.

the top line touches the early sept 2000 high and touches, crosses over the may 2001 high...both lines can be continued down to the right hand border which represent 12/31/01 year end. (note that the high for the spx was in march, 2000....the point where the channel starts.)

eyeballing the channel the lines look to be quite parallel to each other.

the point of the above exercise is the the ending of my current 9 waves down from 11/17/00 ends on 12/21/01 (or one week prior to the ending of this chart (the right hand border)...and, importantly, the bottom chanel line for the spx comes in at the price of about "875" (eyeballing it)...

so one might concluded that the low for the spx will be/end in the area of 875 before we end this portion of the bear market and begin the next 3 years + bounce/move UP!!!

giree tom @ saying " ya can take it to the bank"..preferrably my bank.......:)

bigcharts.marketwatch.com
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