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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (34819)	3/21/2002 10:21:32 PM
From: skinowski	Read Replies (1) of 209892

I think I see what you mean. Also, drawing a line through the NDX lows of today and March 15, and creating a parallel line through Tuesday's high makes a potential downtrending channel. It's higher line goes now approx. through 1500 (a good inviting resistance level). The lower line is heading towards the 1425 area, the top of the presumed first wave from Feb.22. Not impossible that the market may still find a way to test BOTH levels. Onischka thinks a break above 1489 is evidence that... "...over 1.480 and later 1,489 points to rise, then this would be the proof for, a significant low already marked". I'm not certain how he arrived to this reasoning here, but of course the market closed a fraction above 1489. If the open will be strong and/or 1500 is broken (along with the declining channel line) perhaps the bullish side may be ahead in the battle for the moment. Edit: I think I get his point. 1489 is the low on March 18, the bottom of the first move of the last leg down. A break would create an overlap.

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