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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (71944)	4/23/2003 4:10:13 PM
From: Henry J Costanzo	Read Replies (2) of 209892

<<What is so important at 800 BKX?>> Not to be cute about it, I'd say what is important is where it goes from there.....that could tell us a lot about the market generally, .and I hope our EW experts can zoom in on your question and shed some light on it. There is a pile of resistance - going back about 5 years - from 800 to about 900, so it could be that 800 is about as far as we'll go for sometime -- we have the makings of a triangle here under 800, which could take some time to complete........ On the other hand, if we slice through 800, we have the potential for a substantial advance - with presumably the general market following suit.........Assume that could mean several bullish things -- that we're in a 3 up from the March low.........or that we're in a C up from the October low......or even that we're in a 3 up from the October low.... Realize this is a kind of non-answer to the question you posed......but I think it's a key question at this point. These days, I'm following two things even more closely than the broad market indexes.......The BKX, and the TNX. ...Think those two things will give us the clues.. Anyway...hope your question will lead to some useful discussions here (my own contribution negligible <vbg>) (Typing this on the run, ....Hope it 's intelligible)

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