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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: GROUND ZERO™ who wrote (23327)	5/17/1999 10:54:00 AM
From: Bull RidaH	Read Replies (2) of 44573

GZ, 1193.75 SPX to be exact. I know you monitor patterns too, and project from them. To see a perfect match for the topping pattern we've just formed, take a peek at 2/12/97 - 4/20/97. That range gives you a look at the top formation and the subsequent decline and bottom. Now look at the current top formation starting from 4/20/99 through present, and you see the same type top has formed. I call it a fortress top, but it is also known as a broadening top or dumpling top. It's characteristics are always the same: Small twin peaks on the left hand side of the top, followed by a break lower, a rally attempt, then a s-t low for the pattern. Then a strong rally ensues, often back to test the high on the left hand side of the pattern. This "last gasp rally" nearly always breaks down hard, forming a near steeple top. When the local low of the pattern is taken out, a crash-like fall to the pattern target usually develops. A break of this current pattern's low point (1315) will activate the projection to 1193.75, just as the break of 785 activated the 732 target of the '97 pattern. Regards, David

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