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

To: bearshark who wrote (60722)	10/16/2000 10:12:31 AM
From: KymarFye	Read Replies (2) \| Respond to of 99985

Lots of people seem to be imitating E&M, perhaps drawing from second-hand sources. The mere drawing of a triangle or diamond on a chart seems to give any analyst an aura of authority. Yes, a low close 9796 does make some sense as a this-far-and-no-farther (missed it while scanning my INDU chart, clicking back and forth between weekly and daily... crowded in there amidst all that wonderful activity in March...), though I think that theoretical support is higher, and that close at a new low (<9731) would shake me more than a testing of 9796. Will re-read my E&M on the subject shortly - I recall some passage that discusses the question of how much of a violation is significant, and, though they usually fall back on the 3% rule, recounts how, in some instances, even a fractional violation can speak volumes. I think we need some new version of Dow Theory that takes the maturation of the economy into account.