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Technology Stocks : INTEL TRADER -- Ignore unavailable to you. Want to Upgrade?

To: Berney who wrote (7155)	10/24/1999 11:34:00 AM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 11051

TB:" I walk the Line " >I compute the really important DJIA line by taking the lows of 4/20, 6/1, 6/11, 6/24, 8/10, and 9/16. It acted as resistance on 10/8, and the attempted break out on 10/11 failed. That is a lot of hits over a six month period. Therefore, I got to believe that this line is extremely important as I'm sure I'm not the only one staring at it. I have the current reading at about 10,675, or 2% above us... yes, taking the same (dates) data point references, I draw that Line from not only LOWs but also CLOSEs, (ie., creating "fuzzy" trendlines; this, on DJ's advice) and that was the apparent lower trading-range buy trigger level for four good up-waves since March; with a nice Line parallel to this, defining max upside extent. And the Line had residual meaning as "a T/A pull-back to (broken) UpTrend target" on 11-OCT. If this old Line is to retain significance, then we should be able to fit a parallel line, with equal slope, to the new lows of late SEP and OCT. This (creating parallel lines and fiddling with them) is one of the things you can do with METASTOCK. Interestingly, Berney, we can fit such a Line from CLOSE 23-FEB origin that more or less nails the extent of the SEP dip... ...but not OCT, Berney; the OCT DOW dip extent so far corresponds to the March highs and psychological DOW10K horizontal levels. However, it might fit at the LOWs & CLOSEs of all that clutter on the DOW chart from JAN~FEB - an intriguing idea - which would support the notion of a broader, but still upward-sloping trading range scenario: where DOW ~9500 is unlikely to ever be tested on the downside. OTOH, draw a (DownTrend) Line (on the DOW chart) from CLOSE 13-MAY through CLOSE 18-JUN and CLOSE 15-OCT... another Line, parallel to this from origin around CLOSE 19-JUL; the "middle" of a DownTrend trading range channel... ...then draw a third, parallel Line from origin 25-AUG; this "upper" DownTrend trading range channel line has no second data point, so is completely hypothetical. It happens that this "hypothetical" Line gives us an upside extent roughly equal to the old UpTrend Line that you defined in your post :-/ >Interesting how we come to the same point from different directions. -Steve