Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: donald sew who wrote (22297)	10/23/2001 8:38:19 AM
From: Justa Werkenstiff	Read Replies (1) of 52237

Don: What is your take on an "upthrust" as outlined below: "The NDX drew a bearish candlestick pattern called a "Bearish Engulfing" pattern last Wednesday. Wednesday's "Bearish Engulfing" pattern engulfing the last four trading days. The more days a "Bearish Engulfing" pattern engulfs, the stronger the signal. Last Wednesday pattern can also be called an "Upthrust" and is also a bearish signal. When an "Upthrust" breaks the previous high by a wide margin, than usually a re-test of the "Upthrust" is needed before the decline continues. As long as the volume is lighter on the re-test than the volume on the "Upthrust" day, than the bearish scenario will continue. Since the "Upthrust" broke the previous high by a wide margin, we are expecting a re-test. The re-test can end anywhere from a 50% retracement to as much as a 100% retracement. We are expecting around the 50% retracement level, or near 1375 level on the NDX. Today's high was 1383, however, no bearish candlestick pattern formed today. We will wait for a bearish candlestick pattern before shorting the QQQ's. Staying flat the QQQ for the moment." Message 16541378

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