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Pastimes : Gripes, compliments, fishing and weather

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To: Ish who wrote (11745)	2/21/2004 1:28:52 PM
From: William H Huebl	Read Replies (2) of 34894

To answer that, let's look at the the reverse of bottoming: - In late 2000 and early 2001, there was evidence in the PF charts that the dollar was peaking... it wasn't until July of 2001 that it hit it's peak at $1.20. The lower lows and lower highs going into 2002 clearly said there was something going on in the way of a reversal. Then in March, a 15% decline started which really waived a flag and it wasn't an American flag! By mid-July, we started getting some temporary support for the oversold condition and we began the stair-step decline which is evident to this day. Looking at the weekly P&F you see each major step is 9 boxes (ATR Scaling) and we have a 3 box relief rally after each. The step we are in right now should carry us to under $0.80 before another relief rally might occur, IMHO. If you turned the daily or weekly chart upside down, you would see no evidence at all that we are anywhere near a bottom if you compare current action (upside down, of course) to that of the 2001-2002 peaking process!!! BWDIK?

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