Dave Gore's Trades That Make Sense Message Board

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Strategies & Market Trends : Dave Gore's Trades That Make Sense

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To: hotlinktuna who wrote (13971)	10/15/2002 11:58:56 AM
From: Dave Gore	Read Replies (1) of 16631

Days like this show why technical analysis can be wrong every so often. Even V can be off because fundamentals and especially emotion spurred on by sudden buy/sell programs can take the market to unusual highs or low. "For Tuesday, my best guess is that the index may spend a little more time in the ending diagonal pattern forming on the high end of the rally. If the pattern holds true, it could terminate the rally, likely on or before 1240 resistance which could occur later in the day Tuesday. A pullback is then likely with a drop through support near 1214 breaking the triangle. Next support is near 1195 and then 1144 where the pullback is likely to retrace to or higher by the end of the week." - Raptor

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