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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?


To: Rarebird who wrote (48473)9/18/2000 5:46:33 AM
From: GROUND ZERO™  Respond to of 94695
 
It sure does look like it, and I've been watching this formation develop... I think the only possibility for a rally here is that it's way oversold... that wouldn't hold much water since weak markets can get extremely oversold and still move yet lower... but, what I'm thinking is that the crude oil and energy group may move lower this week and this could help to support the equities... it's too soon to say if that would help, but if not, then we could see some serious selling still to come.....

GZ



To: Rarebird who wrote (48473)9/19/2000 12:27:11 PM
From: Chip McVickar  Read Replies (1) | Respond to of 94695
 
Rarebird,

That Nasdaq pattern is called an "M" pattern (both March and July/Aug) and they have very distinct characteristics that are different then regular double heads/tops.

It has a sister called the "W" pattern for bottoms.

Chip