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

To: Les H who wrote (56382)	7/11/2000 11:06:26 AM
From: Paul Shread	Respond to of 99985

Les, the Dow completed a broadening formation before launching into the diamond, so I'm not sure the index needs to do much more than bounce around here for a bearish formation to remain in effect. Two other points: lines on triangles are sometimes redrawn as they work their way toward the apex, and if you're really pure about the top line of the diamond, it runs through 11,000 anyway, down from 11,750 and 11,400. The bottom line may be at 10,200-10,300 to correspond with support there. And we just turned back at 1488 SPX -- the top of the right shoulder on the H&S remains intact there. The only thing we seem to have broken is the downtrend in place since 11,100 in late April; longer-running downtrends are still in effect.