Trend Setters and Range Riders Message Board

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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 456.78

-0.6%

3:59 PM EST

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To: Connor26 who wrote (22073)	8/6/2002 12:18:01 AM
From: Susan G	Read Replies (2) of 26752

There's a really steep bullish descending wedge on the NDX and COMPX tonight. They could go lower and get even steeper, but I wanted to give heads up as this is the chart pattern that most snap back rallies break out of when the market is really, really oversold. On the NDX and COMPX, the descending wedge is inside a bigger descending wedge, and it could try to run to the top of that trendline on the bigger wedge, IF it can get through any of those 60 minute overhead EMAs. Similar setup on the SPX and DOW, but they have a wedge inside a bigger symmetrical triangle, since those indexes have not retested the lows as the NDX has to created that descending wedge. The steep wedge is a bullish pattern, you just have to wait until it's found the bottom, reverses and explodes out of the top of the downtrend line (from the 31st top). With a few fakeouts to trap both long and short I'm sure <g> mywebpages.comcast.net

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