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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Zeev Hed who wrote (91769)7/5/2002 6:17:01 PM
From: 16yearcycle  Read Replies (1) of 99280
 
Zeev,

Maybe I do see what you are looking at in your call for a run to only 1526-1555. Although it cannot be stated strongly enough that we are much, much more oversold than three previous smallish rallies of note, ie, early March 01, Feb 02, and May 02, and therefore the pendulum should cause a greater percentage rally, you are only calling for a similar percentage run. But I see now that there is HUGE resistance in that area; it is the confluence of many channels, and previous support and resistance points, and the convergence is later this month. That area simply has too much overhang to bet that we should plow through it, unless the rally gains even more steam, and gathers strength with some mild pauses along the way.

Thanks for the lesson.
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