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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (59027)	11/8/2002 2:06:24 PM
From: Perspective	Read Replies (1) of 209892

I'll chime in and say that it should not surprise us if that trendline is broken. It remains very steep at -42%/year on $COMPQ. This compares to the bull trendline that dominated the 1990s rising at 26%/year. A mirror image of that would be -21%/year. The Nikkei's rise and fall were perfect mirrors of each other in slope, incidentally also 1.26 (+26%) on the rise and 1/1.26 (-21%) on the decline. An effort to reset the bear to a new trendline like that would probably involve a retest of the resistance around 2000 sometime in the next 6-12 months. This is the "cyclical bull" argument. I think this happens, but not off this sentiment backdrop. I think the move down remains unfinished. We still haven't had the kind of purging necessary to set a lasting bottom. Dow stuff - MMM, PG, JNJ, C - has been down like, what, maybe two whole weeks this year? BC

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