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

To: Dave Shares who wrote (53176)6/6/2000 10:19:00 PM
From: Smooth Drive  Respond to of 99985
 
Hello Dave,

Thank you.

The 1% P&F chart discussed last night at Message 13833520 did in fact reverse down today.

5060.73   X
5010.63   X O
4961.02   X O
4911.90   X O
4863.26   X O
4815.11   X O
4767.44 O X O
4720.24 O X O
4673.50 O X O
4627.23 O X O
4581.42 O X O X
4536.05 O X O X O
4491.14 O   O X O
4446.68     O X O X
4402.65     O X O X O
4359.06     O   O X O
4315.90         O X O
4273.17         O X O
4230.86         4 X O
4188.97         O X O
4147.50         O X O                             +
4106.43         O X O                           +
4065.77         O X O                         +
4025.52         O X O                       +
3985.66         O X O         *           +
3946.20         O X O         5 *       +
3907.13         O X O         X O *   +
3868.44         O X O         X O   *             X
3830.14         O X O X       X O +   *         + X O
3792.22         O X O X O     X O X     *     +   X O
3754.67         O X O X O X   X O X O     * +     X O
3717.50         O X O X O X O X O X O     X *     X
3680.69         O   O X O X O X O X O   + X O *   X
3644.25             O X O X O X O X O +   X O   * X
3608.17             O X O X O X O   O X   X O     X   
3572.44             O X O X O X     O X O X O     6
3537.07             O X O X O       O X O X O     X
3502.05             O X O X *       O X O X O     X
3467.38             O X O X   *     O X O   O     X
3433.05             O X O X     *   O X     O     X
3399.06             O X O X       * O       O     X < DTBS
3365.40             O X O           *       O X   X
3332.08             O X *                   O X O X
3299.09             O X   *                 O X O X
3266.43             O X     *               O X O X
3234.09             O         *             O X O X
3202.07                         *           O X O X
3170.36                           *         O X O
3138.97       Bearish Support Lie > *       O X     +
3107.89                               *     O X   +
3077.12                                 *   O X +
3046.66                                   * O + < RBLSL
3016.49                                     *

The Bullish Resistance Line proved to be a stopper of this rally.

I did make an error on the breakout bullish price objective. I didn't just transpose it, I put the wrong number down. It's 5534.85

You can be very complicated with log box price objectives, or keep it very simple. I prefer the later<g>. The breakout column has 20 X's. Multiply that by 3 for 60, and then count up 60 boxes from the bottom at 3046.

I use the Chartcraft method of counting for both the first column off the bottom or the breakout column (many times they're one and the same). That is, I always do the adding from the bottom. I never count from the bottom of the breakout column (which in this case is 3202).

Take care,

Eric


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