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

To: Smooth Drive who wrote (20730)7/22/1999 5:47:00 AM
From: HairBall  Read Replies (1) | Respond to of 99985
 
Eric Stevens: Thanks for posting that chart. My own P&F chart is also in Os, but not as close as yours to giving a double bottom sell signal.

Of course I use percentages with mine, but then again I am no expert with P&F. I would have important support via my P&F chart at 1650. In addition, per my traditional charting methods I have important support at 1660, the previous high on 4/27.

If these fail, this will indeed be a strong signal a major top may already be in. The next major support would be the rising support lines off the Oct 98 lows and the "must hold" support level would be the low set in April. If I were not getting supportive signals from my mid/lng-term oscillator I would be less secure that support will hold this time around. Of course, nothing is 100%, but I expecting this down turn to reverse in the near future.

Just in case, everyone should be keeping an eye on the major support areas and none should be investing or trading without stop loss measures, no matter what side of the Market one is taking.

Regards,
LG

Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on anyone person's views or analysis. Do your own research and take responsibility for your investment decisions.



To: Smooth Drive who wrote (20730)7/23/1999 1:59:00 AM
From: Smooth Drive  Read Replies (1) | Respond to of 99985
 
Hello All,

In last night's post Message 10608118 relative to LG's NAZ and NYSE Composite Index I noted a High Pole Formation, which 80% of the time leads to a double bottom sell signal. And that's what we got today:

                                                     +
1760                                               + X *
1750                                             +   X O *
1740                                           +     X O
1730                                         +       X O
1720                                       +     X   X O < High Pole
1710                                     +       X O X O
1700                                   +         X O X O
1690                                 +           X O   O
1680                               +           + 7 *   O < DB Sell
1670             X               +           +   X   * O
1660             X O           +           +     X     O
1650             X O         +           +       X       *
1640             X O       + X         +     X   X     +
1630     X       X O     +   X O     +       X O X   +
1620     X O     X O   +     X O   +         X O X +
1610     X O     X O +       X O +           X O X
1600 X   X O     X O 5       X O X           X O X  
1590 X O X O     X O X O X   X O X O         X O  
1580 X O X O     X O X O X O X O X O     X + X *
1570 4 O   O X   X O X O X O X O   O     X O X   *
1560 X     O X O X O   O X O X     O   + X O X     *
1550 X     O X O X *   O X O       O +   X O X       *
1540 X     O   O X   * O           O X   X O X         *
1530 X         O X     *           O X O X O X
1520 X         O X       *         O X O X O X
1510 X         O X         *       O X 6 X O
1500 X         O X           *     O X O X
1490 X         O X             *   O X O
1480 X         O                 * O
1470 X                             *
1460 X                               *
1450                                   *

It's sitting right on a Bearish Support Line at 1660. Nearterm there's also a Bullish Resistance Line sitting at 1640 that may offer some support. (Btw, did anyone notice Wordens tip of the 21st "Did you know that within an uptrend previous tops are more valid support levels than previous bottoms? When the price approaches a previous bottom, it will probably go through.")

The chart is now long term bullish (trading above its Bullish Support Line all the way down at 1380) but short term bearish (from the double bottom sell signal at 1680). It's first incomplete bearish price objective is 1560.

Take care,

Eric


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