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Strategies & Market Trends : Let's Talk Technical Analyisis (TA)

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To: MechanicalMethod who wrote (114)	1/3/2002 12:02:35 AM
From: MechanicalMethod	of 178

QQQ, NDX, and COMPX thrust to new lows then recovered to c>c[1]. A bottom reversal that indicates the thrust was an exhaustion thrust. For all 3 this pattern is occurring simultaneously with a 2B test of bottom ... a good spot to place a reversal bet as most tests succeed in reversing, even if they overchop or underchop. The bars just have to overlap... use some imagination and it explains trends. SPX and INDU have the initial setup, the bottom reversal, thrust to new low rejected by higher close. However neither of these are within the 2B test of bottom zone. These 2 are occurring in no mans land. All 5 are real close to recent tops. Not much upside before it becomes a 2B test of top. Rise just a touch and it's ready to go down again if a signal accompanies the test.

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