Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Investor2 who wrote (9830)	11/20/1997 2:32:00 PM
From: bearshark	Read Replies (1) of 94695

Investor2 and Vi: Sorry I have not responded sooner. The resistance lines going down and up are set in the same manner. However, the up lines are not related to the down lines. The line that is moving up is plotted to show the point that a bull market cannot cross without going into a serious decline. I equated that to a confirmation of a bear market. In effect, if the bull market stops rising the resistance line moving up will run into it. This line has been perfectly accurate since 1994 and was not penetrated by the declines in October. A failure to penetrate this and a bounce up off the line has indicated in the past that we would move to new highs. The two downward lines are set the same way. The line that I had originally set at 7550 was incorrectly placed. It should have been set at 7400. I noticed my mistake after posting on Sunday. A drop below the 7400 line last week would have indicated that we are going lower. However, I did set the 7800 line properly. That is where we are today. The close today will be quite interesting. In addition to these resistance lines, I use other indicators also. However, I am amazed at the accuracy of the rising resistance line.

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