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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Dnorman who wrote (19382)	7/5/1999 11:28:00 AM
From: bobby beara	Read Replies (1) \| Respond to of 99985

Dennis, that particular # was arrived at by Dan Ascani, who uses elliot and fibonacci, among other tools. It's not easily explained, but is the fib relationships between wave counts from the 74 low, wave counts are subjective as are fib relationships, therefore you have to use these resistance areas as only possible turning points. He has another fib resistance around the 12-13,000 area. I am very reminded here of the euphoria of the new high in the Dow in the first week of January, when the put/call ratios were the same and the spx RSI was in the same oversold area. Longs should be careful about being too swept away. bb