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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (72068)	4/24/2003 11:34:31 PM
From: Perspective	Read Replies (1) of 209892

I know you're keeping an eye on this channel. ttrader.com The chart is old, but the lines are still there. I was working through a scenario with a couple of my ursine friends today. We've still got the safety on the SELL button, but quite a lot of things are lining up for at least an intermediate short shot. That line provides channel resistance around SOX 375, which also happens to be horizontal resistance from a swing high from late last year. If you imagine a market that produced that rally, it would likely bring NDX very close to 1160 - sound familiar? There, you have the C=0.618*A as you've pointed out, as well as the horizontal resistance. There is also this line to consider: ttrader.com And, that would place SPX up around the ol' neckline and plenty of horizontal resistance. I'm not sure that we get there, but if we do, I think it would be a gift to the bears. If we don't get it, I'm in no hurry to step in front of this. Accumulation/distribution patterns continue to favor up, with heavy volume rallies and light volume pullbacks. Everything fundamental points DOWN - the fuel for up is nearly entirely spent and we're running on fumes - but this ridiculous rally must run its course. BC

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