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

To: willcousa who wrote (53878)	6/13/2000 2:37:00 PM
From: HairBall	Respond to of 99985

To willcousa and all: A updated intraday chart of the NDX Index... My QChart NDX (NASDAQ 100 Composite Index) 15-Minute Semi-Log Chart Note the lower trend line has been adjusted down again. However, it can be adjusted down no lower than parallel to the upper trend line. Once the relationship between to the formation trend lines goes beyond parallel the formation is either in the process of breaking to the norm or being negated. (I don't trade megaphones.) Of course on occasion a violation does occur to these trend lines. Following price action will reveal if a move above or below the formation is an adjustment, a violation or a resolution of the formation up or down. The triangle has now morphed into a flag. The above is just an effort to show how I work with formations...I hope it helps more than confusses...<g> marketdirectionanalysis.homestead.com ------------------------------------------------- My QChart Trend Lines My charts are screen captured at (1024 x 768) and are best viewed at that resolution. 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. ------------------------------------------------- EDIT: SI is giving me posting problems today...I tried to post this chart earlier... Regards, LG