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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: IndexTrader who wrote (1095)	4/16/2000 11:27:00 PM
From: John Pitera	Respond to of 33421

Susan, Here are a few SPX charts to Round out the Picture. Here is the daily chart, we bounced off of the 1 * 4 GANN line and closed right on the 50% pullback of the rally from 10-18-99. geocities.com This second chart from 1994 -2000 shows the cluster @ 1290 geocities.com don't be mistaken that a break of a trendline means a cascade to a far lower one. Since everyone has charts today, trendlines are made to be broken and are purposely run, It's the easiest way for big institutions to get meaningful (big ) positions at attractive levels. a modest break of a contrived trendline (or even a very serious one) can get many out of a long position they wanted to keep at a low level and get others short, at what Proves to be Indefensible Low Levels. I have a specific wave count that could show a move to 1230ish and would just finish an irregular A-B-C correction. ------------ SPX 1986 to the Present-- even if we were to enter a profound Bear Market the time sequences to reach lower objectives will be longer than people are planning. If we get traction even before hitting these more significant DJIA and SPX trendlines, people in 18 months will never remember or begin to understand how anyone could have been bearish here -ng- geocities.com Here's to a week that should not be monotonous -g- John