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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Magnatizer who wrote (35078)	4/12/2000 2:46:00 AM
From: Doug R	Read Replies (2) \| Respond to of 79251

Mr. Mag...and all, At the AC roundtable I drew up the correction lines for the S&P 500 and hadn't checked them here in the lab since. I just did so. The situation is officially as follows: On the price chart for the S&P the lines are: from the low on 10/8/98 to the low on 2/28/00... A: (this is the most recently "valid" long-term trend acceleration) from the high on 1/14/00 to the high on 3/10/00... B: (this is the downtrend established prior to the alltime high) from the high on 3/24/00 to the high on 3/30/00... C: (this is the immediate downtrend coming off the alltime high) A, B and C are the criteria used in the manual as the example for deriving the '98 correction bottom and date for that bottom. In that case the criteria yielded the same date on the S&P the DJIA and the Nasdaq. In the current case, the DJIA intersection came on 4/4...as we saw. I didn't look at the Nasdaq during the roundtable because I just don't see it as a valid chart to use for this purpose for this correction. Accounting for the intervening weekend these 3 lines on the S&P intersect on 4/21/00 at a value of 1373. Somehow I was off a bit during the 4/1 roundtable. Musta been the refreshments that Milesov supplied >>gg<<. So....forget 4/24...forget 1438. We're looking at S&P 1373 on 4/21....Good Friday....the Friday before Easter. I have one question. Is Good Friday a scheduled shortened session? If so, it could get a bit nebulous as to what the heck is going on with those 3 supply/demand dynamics. It may be that 4/20 finds the bottom and 4/21 just plays possum or it may be that 4/24 does all the work. In any case...the lines are there. Woody...do you think you could supply a Parity chart with those lines on your web page? I'd appreciate it. Doug R