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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (18342)12/14/1998 3:41:00 AM
From: Smooth Drive  Read Replies (3) of 42787
 
Hello Chris,

>>In my opinion, if the naz breaks 2000 support, the tech rolling correction has started.<<

You could well be right. I like to compare the broad market indexes with the DJIA for convergence and divergence. The DOW P&F charts are all on sell signals but the Naz is on a buy. Here's a dab of my hand chart.

2052         *   
2048         X *
2044         X O * < Bearish Resistance Line
2040         X O
2036         X O
2032         X O
2028         X O X   + < Bullish Resistance Line
2024         X O X + + < Short Term Uptrend Line
2020         X O X +
2016 X       X O +
2012 X O     X +
2008 X O   + X
2004 X O +   X < Double Top Buy Signal (12/07/98)
2000 X O X   X
1996 X O X O X
1992 X O X O X
1988 X O X O X
1984 X O X O X
1980 X O X O X
1976 X O X O X
1972 X O X O X     
1968 X O X O X   + < Intermediate Term Uptrend Line
1964 X O X O X +
1960 X O X O X
1956 X O X O
1952 X O +
1948 X +
1944 X
1940 X
1936 X
1932 X
1928 X
1924 X
1920 X
1916 X
1912 X
1908 X
1904 X
1900 X
1896 X
1892 X
1888 X
1884 X
1880 X
1876 X 
1872 X
1868 X
1864 X
1860 X
1856 X
1852 X

This chart pattern is a Bullish Triangle. See the first column of X's find resistance at 2016 and then reverse down? From then on the tops got lower and the bottoms higher until the Double Top Bug Signal at 2004. A Bullish Triangle requires at least 5 columns.

You can also see how the first column of X's that found resistance at 2016 provided support to the most recent column of O's on 12/10/98. 2016 is also the home of a Bullish Resistance Line that the most recent column of O's found support at. The chart reversed back up in a column of X's on Friday.

I guess if it were to reverse down and go through the resistance points and complete the double bottom sell signal at 2012 -- and then pass through the old resistance at 2000 (where the second column of X's ended) then there's not much support until the Intermediate Term Uptrend Line.

Take care,

Eric
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