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Strategies & Market Trends : E-Mini Pit

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To: the-phoenix who started this subject	8/27/2002 10:19:45 PM
From: the-phoenix	Read Replies (1) of 11288

Bearish Gartley Update 8/27: Approaching First Profit Target ttrader.com The Nasdaq Bearish Gartley posted last week is approaching its first profit target zone, with the convergence of three areas of support within a ten point range: 1. The .618 retracement of the last rally leg that began at 1265.2 occurs at 1326.9 2. The 50% retracement of the CD leg is at 1316.25 3. The 20SMA daily is at 1328 Also, recall I posted a rough target of 100 points for the Bearish Three Drives pattern in the NDX 5 minute chart. The retracement in (1) above is exactly 100 points below the Nasdaq Composite high. I am looking for a bounce off of this 1316-1328 zone, which hits within 20 points of today's lows. This would be a good place to take some profits on this trade, which I plan to do. Good Trading, Phoenix

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