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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (24681)	6/29/2000 7:41:00 AM
From: Gersh Avery	Respond to of 42787

cascade event ..

To: Chris who wrote (24681)	6/29/2000 2:45:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

That 45-min bear flag (bear flag on the 45-min chart) noted in my previous posts on the SPOO has now resolved to its price target at 1458.25 and went below for a kind of piercing test of bottom. Did you note what price did to get here? Whipsawing and indirection effectively misleading the market multiple times before the actual resolution took place. This is what often happens in the resolution of setups in the larger time frames. On the 135-min chart, This shows up as an actual downtrend continuation originating from the diamond style top put in there to a touchback of the 20 EMA in this chart which has resolved down. Right now at 50% Fib retrace of the rally began just before June. These larger time frame charts have been in operation for some time now, so it pays to note what has been showing up there. Approximate price projections of 1435.50 and 1390.50 for the SPOO. That is if the large bottom it is attempting to put in on this 135-min chart fails. But I suspect bottom put in on this time frame will retest support in a smaller time frame, perhaps the 15-min or smaller chart, before continuing in am earnest rally. So far was have a good move up that ended up as a failed bear flag on the 15-min chart. Then price at that point started moving up with additional momentum. Bottoms have been put in this way, on failed flag, but it is on the rare side. I still am looking for a test of key support before thinking the selling can be over. Right now price is closing the gap created on the open of this morning, at the same time having already filled the gap created on Monday's open. So once this last gap is filled, which can be shortly, then we can see what price will do. What is interesting is the pattern that started this all off, the diamond pattern, can be used for price projections. And price has made its initial price target in this respect based on what I will term as conservative price projections that do not take into account the entire spike that can be found at both ends of the diamond pattern. As an update, looks like price has closed the gap on a nice push up. Price came into contact with the 20 EMA on the 45-min chart whre it has encountered selling. This is where the institutions appear to sit in their trading of the SPOO. Price needs to jump this hurdle before I can consider a bottom here. Support of some significance found at 1465.50. Another artificial support can be found at about 1467.00 which is where the price has been and now is attempting to break through this level. Something tells me that the bottom of the gap will be revisited which can be considered as that support at 1465.50, with the actual bottom of gap at 1463.25. The former value listed can coincide with a point price revisits in this interesting pattern that I am seeing setting up on the 15-min chart. Also it is where a previous swing point shows up which is best seen on the 135-min chart. Significant support will also be found at 1457.00. Bob Graham