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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (44080)	10/18/1999 10:23:00 PM
From: wanmore	Read Replies (3) \| Respond to of 94695

Here's a secret for all you trendline believers. Draw a trendline on top of the 1996, 1997 and 1998 highs (should hit 3 times in 1998). In 01/01/99 this line was taken out with an upside breakout. We have tested that line in Jan, Feb, March, May, and August. We almost touched it in April and June also. That's 7 times we have held this support line and 5 times before 1999 it acted as a resistance line. (As we know a resistance line broken to the upside becomes support and a support line broken to the downside becomes resistance) . The line now sits around 2500. Since the line is moving up each day and I don't expect the NASDAQ to fall to 2500 tomorrow to test the line again I assume they will meet around the 2550 to 2600 area (note I have changed target support from my previous 2525-2550 area). Since we don't know when or where prices (or the NASDAQ index amount) will meet this line I suggest everyone draw a line using this "map" and follow it daily. THIS is your Kahuna line! (for the NASTYDAQ anyhow)