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Strategies & Market Trends : Why the markets will continue higher...
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To: Skipperr who wrote (51)12/5/1997 6:34:00 AM
From: GROUND ZERO™  Read Replies (1) of 745
 
Hi Skipper,

You're right. I stand corrected. I was using a wrong figure for the low. I'm long in positions and not approaching a sell signal, so I wasn't as precise. Good that you see that formation. Now, a sell off is typical. If the market does not sell off, then prices will move to the next higher line. Use a walking, or parallel ruler, and from the Oct97 high draw a line parallel to the line you just drew. That will be the next area of resistance. What could happen here is that the market could come back some and trade along that first line. You can also draw a parallel line off the lows and see where support is, although if prices get to the lower line, newer trading lines can be drawn from the most recent wave.

Sorry if this all sounds like rambling, but take a look at earlier charts and see how it's performed in the past. Let me know where you are with it.

Have a great weekend.

GZ
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