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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 689.17+0.2%Dec 11 4:00 PM EST
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To: Monty Lenard who wrote (5243)2/3/1999 12:05:00 AM
From: Lee Lichterman III  Read Replies (2) of 99985
 
Thanks Monty, I know I am a pain but just sent you a new S%P 500 chart showing a new dowward short term fork that should channel this grind down if it continues. For those drawing their own, it starts the handle on the high of 20 Jan, the lower tine starts at the low of 22 Jan and the upper tine is from 1 Feb. We should follow this down till we get to the middle tine of the mid term fork around the 5th of Feb ata level of around 1225 SPX.

I don't have the DOW chart in front of me but as I recall it can be drawn the same way however next supports are a little more complicated since right now we are sitting on the middle tine of the long term fork already. The next intersection of forks is projected out farther around the 11th but there are some supports in between where we could bounce earlier. Note today we tested the red support line around 9200 before rebounding and closing on the middle tine of the long term fork.

I only sent the SPX to give everyone an idea of what I meant here.

I have the UTY sitting on it's lower tine of the short term fork now. Pretty precarious position this early in a selloff. The SPU still has more room to drop though.

Good Luck,

Lee
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