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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (74239)	5/21/2003 1:40:48 PM
From: Death Sphincter	Read Replies (1) of 209892

you see the 21DMA as looking bearish, it all depends on how you view it in a long term context. lets examine one premise. the market is in a multiyear bear. the first leg of that bear was completed last Fall. on that 21 DMA chart each rally was a part of that first leg down (a huge "A" if you like)and each rally displayed a lesser extreme as the rally peaked...for the equities, .51 then .52 then .54 then .60. now, IF we are correecting the ENTIRE "A" leg down, I would expect to see a 21 DMA reaching extreme levels that are equal to/or greater than those extremes reached during the counter rallies of the "A" leg.....therefore, low 50's ...and its not even close. furthermore, we were watching for the big "C"....this big "C" may only be the end of 'A' up off the October lows with B and C yet to come in a drawn out multi-month correction of the initial crash leg.....or an ABCDE rising correction. all, of course, IF this is to be THE correction up off of that 3 year bear leg.....and, as you say, thats what makes a market

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