Why the markets will continue higher... Message Board

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Strategies & Market Trends : Why the markets will continue higher...

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To: Chris who wrote (40)	12/4/1997 2:26:00 PM
From: ivan solotaroff	Read Replies (2) of 745

Chris: I think that's a really scary chart, because I believe the first bump up after the mini-crash has to be thrown out as a statistical anomaly; that means that with the Naz currently cozying up to 1620, edging up to the resistance line on increasing volume (which may not be sustainable by the time we hit 1640), that a failed H&S (that's actually a redundancy, H&S is a failure pattern) may be less than two weeks from forming. Put that together with a wave of tax-selling and some bad news and there could be a lot of people stuck in some "real ugly" long-term positions by February. I think the reason why volume may not be sustainable at 1640 is that we're now, IMO, going through a last wave of the buy-on-any-dip reflex. At some point that reflex runs its course, then the profit-taking reflex sets in. I'm scared. Ivan

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