Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: the-phoenix who started this subject	11/16/2002 4:55:13 PM
From: the-phoenix	Read Replies (5) of 941

Here is a new scenario that I am contemplating: share.esignal.com While I still expect a selloff at the beginning of next week, before the Nasdaq is able to push to new highs for this rally, I would expect SPX to test the .786 retracement of last week's selloff and the mid-tine of the Andrews Pitchfork (thin blue lines) at around 914 early Monday. Assuming a pullback to the lower tine of the pitchfork at the .618 retracement of this past week's rally by sometime Tuesday, the market would then possibly be poised for a final push up to the 950-960 area where it would retest the neckline of the large monthly Head and Shoulders pattern, as well as a trendline that goes from the July low through the recent highs. These lines will meet in that 950-960 area early in the week of November 25th. A market top at these resistances would also then complete another Butterfly pattern, adding to the odds of a reversal at that point. Finally, the Bradley Stock Market Model has a significant market turn indicated for November 25th: geocities.com

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