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To: fedhead who wrote (5140)7/21/2000 7:33:55 PM
From: pater tenebrarum  Read Replies (2) | Respond to of 436258
 
the SOX looks technically extremely dangerous imo....i wouldn't want to wait until it really takes out those lows. imo a secondary peak is in and it's either in a wave C or 3 down now. note, it broke through both the 20 and 50 dma, as well as the most recent up-trend line. what's more, there were several oscillator divergences at the secondary top, which make the action even more ominous.

since the first wave down from the March peak was an impulsive structure, it is more likely a wave 3 that's unfolding. if so, you really don't want to stand in its way. if you have positions, at least hedge them.



To: fedhead who wrote (5140)7/22/2000 8:25:59 AM
From: AllansAlias  Respond to of 436258
 
Anindo,

By the time that SOX hits those April lows, if it does, everybody will have longed "turned bearish". No, there are a couple of milestones along the way, but it has to hold up above the April lows or it will break the Oct/98 trendline with enthusiasm. (Currently just below 1000 and rising.)

Cheers --Allan

ps: I concede, the last few days of giving notwithstanding, there are some bullish charts out there.


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