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Strategies & Market Trends : Classic TA Workplace
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To: JRI who wrote (54868)9/27/2002 2:33:08 PM
From: AllansAlias  Read Replies (2) of 209892
 
Forget all the wiggle noise, at least in the teeny timeframes. For the Dow, if we look at a wider timeframe chart, like a 60min, we see that it brke out of the Sep 11 down channel yesterday. Now, it is back inside. These channel backtests can probe quite deeply, but we have to be aware that we are looking at a technical failure here, the second best signal next to a Hound.

Maybe they can save it by the close. 7800 would do it.

There is a related setup in GE. Look at the daily and draw the channel lines. Also, note the horizontal support (going back to 1997) around this $24.50 area. GE is probing out of the down channel, which often signals trend acceleration and is also fighting to stay out of the air-pocket under $24.50.

This is a brutal bear that is not allowing for any decently structured bounced. Fascinating.
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