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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: Investor2 who wrote (2032)11/9/1997 4:37:00 PM
From: Tim Bagwell  Read Replies (1) of 42834
 
Does this mean ñ3%, which would correspond to a DJIA range of 6950 to 7375?

It wasn't clear from the remarks made on Saturdays show but based on piecing different remarks together I would interperet it as 2-3% on the high side. Since Bob does not expect a decline of more than 10% anything below 7161 is really starting to strain that theory.

Bob also made the remark that he felt the 7161 low was fed by some panic selling after the first circuit breaker was triggered. He feels that the excess drop below about 11% or 7340 was because of panic and should not be factored into the targets. So he's giving himself a 2-3% window to help account for this effect.

So my take on this is that any close between about 7161 and 7340 would be considered a successful retest. I believe it was also Bob that cautioned that this retesting could occur more than once.
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