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

To: UnBelievable who wrote (51758)	5/23/2000 9:26:00 AM
From: HairBall	Read Replies (2) \| Respond to of 99985

UnBelievable: I believe that this channel is represented on the chart by the dashed blue line immediately above the 90 Rising Trading Channel notation which seems to lead to 2875. Is this correct? I had been looking for two lines within which was the "channel" but based on your comments it seems like the channel is represented by the single line which represents the trend. Is there a normal standard deviation for a channel? In the view presented today, only the upper boundary of the 90 Rising Trading Channel is visible on The Wow COMPX chart today. I would have to pan back like I did last week. Once I get my web site back up, you will be able to visit and view the longer term weekly chart each week as well. I post both a daily and weekly chart of all the indexes I chart and for some I also chart them intraday as well. Are there any general comments you could make concerning a retrace and a retrace rally? Is it a retrace to a specific dollar value or a retrace of the pattern itself? Stating that it is a retrace rally is another way of saying I think it is a bear rally. Often I illustrate retrace points using fib, gann and some of my own, sorry I did not put them on the chart this time...it often clutters the chart! I think previous price action SRLs (support/resistance lines -red/green/gray) should give hints at resistance. Actually we may have already seen most of the retrace as the COMPX, NYA, NAZ Emini Futures and SP Emini Futures all rallied to resistance yesterday. Of course, it is still early...I would base the COMPX retrace from the 5/16 high to Monday's low. If I have time I will put up another shorter time interval of the COMPX with the retrace levels in place in addition to the SRLs already on the chart. In addition to the blue ascending triangle what other elements of support which now can be expected to provide resistance? The best quick answer to this is to post my usual... ------------------------------------------------- My QChart Trend Lines Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines (SRLs) are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations, but on occasion are used to depict longer-term formations as well. ------------------------------------------------- I hope this helps...good trading. Regards, LG

To: UnBelievable who wrote (51758)	5/23/2000 9:44:00 AM
From: HairBall	Read Replies (1) \| Respond to of 99985

UnBelievable: Below is a link to the short-term time interval chart I promised with retrace lines... My QChart COMPX (NASDAQ Composite) 15-Minute Semi-Log Chart marketdirectionanalysis.homestead.com ------------------------------------------------- My QChart Trend Lines Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines (SRLs) are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations, but on occasion are used to depict longer-term formations as well. ------------------------------------------------- Regards, LG