Candlestick Charting--The unknown indicator Message Board

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Strategies & Market Trends : Candlestick Charting--The unknown indicator

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To: Esteban who wrote (1011)	12/19/1997 1:30:00 AM
From: MonsieurGonzo	Read Replies (1) of 1589

Esteban; RE:" Signals..." I was looking at a rather fearsome formation on the index charts, and thinking - wow! - it looks just like it did before the crash last Halloween. Then I got down into the components that make up the indices. The DOW is a strong index, man. Lots of them have fallen to near-support levels. DRG.X has had some profit-taking - wish I had bought drugz this year than Techstockz {sigh} - I'd be TAKING PROFITS RIGHT NOW, TOO !!! The CEX.X is kinda shaky. PG has an interesting Doji on its weekly chart. I could see all of these DOW components losing a few points, but I don't see them being the cause of a plummet. INTC and MSFT - they are both at critical supports now: 68-70 and 129-131 respectively - and if they crack those levels, we'll have us a Tech Crash II. I could see Donald's DOUBLE DIP scenario now, wheras before I could not imagine any market support around here. I've been working with basic trend and support levels using simple line charts of closing prices. This old-time technique is working very well for me. Anyway - aside from the NAZ, the essential basis of the DOW is a marvelous thing to study in detail. No wonder it is so difficult for most MM's to beat the basic index ;-) -Steve

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