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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Doug R who wrote (41498)9/27/2002 4:31:02 PM
From: Doug R  Read Replies (2) of 79432
 
In reference to the DJIA chart; volume on the day of the July low and the price activity that day was typical of a bottom. The following bounce led to the pullback to the current low. Volume for the low on Tuesday, being less than that of the July low was typical of a retest day.
The price bars on Tues. and Wed. (9/24 and 9/25), coincidentally enough, behaved in the typical manner that defines a possible ACT with a rate of increase of 1.81 pts/day.
With all this "typical of a bottom" stuff going on, a significant upswing can be expected. If that occurs, the prior ACT from 1994, currently at the 8500 level, will still be important but the 1.81/day uptrend from 9/24 - 9/25 will be somewhat more important.
Also, since the bottoming-like activity is so typical, any failure to maintain it as a bottom would likely be seriously negative.
October is going to be very interesting.

Doug R
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