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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: Gersh Avery who wrote (6054)3/6/2005 2:57:02 PM
From: Walkingshadow  Read Replies (1) of 8752
 
Hi Gersh,

I don't really see a flag on the weekly $NDX or QQQQ chart (virtually the same, as you say):

139.142.147.218

But I do see two consecutive bear flags on the daily chart:

stockcharts.com[w,a]daclnyay[dc][p][vc60]&pref=G

The first flag starts at the January lows. The second is parallel to it and just below, and begins on Feb. 22.

I consider these bearish indicators.

The weekly chart is indeed interesting; I think the lower regression rail will be reached, and might well be briefly breached.

139.142.147.218

Again, this accords well with the lower support levels where I think QQQQ will reverse: either $35.66, or $35.00. I think QQQQ may well repeat what it did at the end of the last correction at the beginning of August, where it dipped below the lower regression channel rail for a couple of weeks before powering upwards for the next 4 months.

Message 21106492

By the time QQQQ trades down to the lower regression channel rail, that rail will probably be somewhere in between the $35.00 and $35.66 support levels, as you can see from the chart above. But this will depend on how long it takes QQQQ to trade down to those levels, since you can see that the regression channel is rising.

If I understand you correctly, I think essentially you are saying that fork analysis more or less agrees with that scenario.

T
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