Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Zeev Hed who wrote (13715)	12/15/2001 7:59:48 PM
From: ajtj99	Read Replies (3) of 99280

Speaking of LG, I looked at one of his charts just now and spotted something interesting. There is a rising '74 megaphone support line that intersects the May 22 falling resistance line at around 1726 near the end of this month (Dec. 26?). That number is also a 50% fib re-trace of the move from the Sept 21 low of 1387 to the high of 2065. That number does not work as well with 1646 as a base, and technically it would seem we'd need to go all the way to 1646 if we dropped this far. However, there is another factor working with this. The rising support from the NDX lows on Sept. 21 and Sept. 27 is at about 1420 or so at that time from what I can see. That is good support on the NDX as well as about a 50% re-trace of the rise up from 1088 to 1734. It also takes care of a gap. If we continue to drop and go below 1782, we might drop all the way to 1726. Of course, the 1750 range is also a bit of support. I really don't see us dropping that low with Max Pain this week around 1900 COMPX, but I thought it was interesting enough to share.

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