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

To: Les H who wrote (48224)	4/26/2000 4:02:00 PM
From: Arial	Respond to of 99985

Even if the NAZ goes up tomorrow, it is still showing good symmetry. The 9 hour rally was .618 of the previous decline (see post #48021). When the 10th hour bumped up against the Bollinger Band and the 9 bar RSI turned down from 95 and stochastics started to roll over, it was time to take profits and go short. I'm a daytrader and flat right now. I don't want to be ambushed tomorrow. The June futures got close to the downtrend line, but no cigar. Even if they go back to 4354, I still lean toward the first decline as an A wave (or possible wave 1) and feel that we are in an a-b-c correction. New bull moves after a 5 week correction are pretty rare, especially with the Fed moving against you. Minimum corrections usually are 7-8 weeks and one of my proprietary indicators needs to see another weekly close down on the NAZ. Of course this is all an academic exercise since I usually trade off of hourly turns, but it stimulates the old noggin (g).