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Strategies & Market Trends : Why the markets will continue higher...
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To: bearshark who wrote (300)1/3/1998 6:28:00 AM
From: bearshark  Read Replies (1) of 745
 
Good morning GZ:

I am up early and I finished my charting etc. This is what I ended up with. I redid my triangle with the top line from the 8/97 high to the 12/97 high and the bottom line from the 10/97 low to the 12/97 low. This is getting to be a tight triangle--we are nearing the apex. I have a break-out from the top of the triangle at about 8160 and a break-out from below of about 7750. If this is a consolidation period, it looks like it should break out to the top.

On the other hand, I have an extremely overbought condition. That could be explained though by the time of year.

So I guess I am still with your number 1. We could go down a bit from here to get rid of the overbought condition and then rally to new highs--but watch out for that breakout below 7750. At any rate, I believe next week will be a key week.
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