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Strategies & Market Trends : E-Mini Pit

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To: Ramus who wrote (5584)	8/20/2002 9:35:25 PM
From: the-phoenix	Read Replies (1) of 11288

Nasdaq Bearish Gartley Update 8/20 ttrader.com The Nasdaq may have begun to reverse today, after hitting the Potential Reversal Zone (PRZ) of 1395-1400 yesterday. Today's daily chart printed a Bearish Harami candlestick, with 50ema daily resistance holding. While this pattern suggests that the market will move lower from here, I wanted to point out that the PRZ could probably be extended up to 1412. The ideal Gartley completes at the point where the length of the CD leg equals the length of the AB leg. As I pointed out last night, this pattern is not ideal, and in this case it has already exceeded the AB=CD. In that case we can start to look at fib extensions of the AB leg for additional fibonacci "convergence". As it turns out, the 1.272AB will equal CD at 1412. In other words, at 1412, the CD leg will be 1.272 times the AB leg.

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