The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: fourptt who wrote (28700)	4/22/1999 3:49:00 AM
From: Doug R	Read Replies (1) of 79384

4, We have not seen a correction. We have seen the first credible warning shot across the bow. There are 2 competing dynamics here (as there always is) that, at this particular point in time , both lead to the same conclusion over the next 5 to 8 weeks. The psychological situation is the same as it was just before the '97 correction. The specifics are different but the psychology here is in favor of distribution regardless of the outcome of the 2, seemingly opposed, technical possibilities. The predominant...current...chart formation on the Dow is an inverted head and shoulders, the neck line of which has been broken to the upside on supportive volume. The classic target measurement technique (adding the distance from the neck line to the lowest price of the head onto the price at which the breakout occurred) puts the target at 11,400. The recent, high volume, key reversal day on the Dow had an intraday high near 10750. Either way, if that short term blowoff top day on the Dow is the top before a correction...OR the Dow hits 11,400 before a correction.......the psychology is in place. Doug R

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