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

To: Les H who wrote (61869)	11/4/2000 3:33:12 PM
From: Les H	Read Replies (1) \| Respond to of 99985

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To: Les H who wrote (61869)	11/4/2000 8:31:45 PM
From: HairBall	Respond to of 99985

Les Horowitz: the index stuck its head out above the upper boundary of a bearish rising wedge or pennant No doubt about it, the NDX is in a rising wedge pattern NOT a pennant. When both trend lines are rising that is a BIG clue. In addition, all chart patterns should be analyzed in combination with volume and price/volume technical indicators as price action approaches the controlling trend lines to help determine if the pattern is likely to hold or fail. The very nature of the price action of a wedge rising or falling lends itself to a very high probability of resolving to the norm. However, resolution to the norm does not always mean a continuation of the trend nor does it mean a complete retrace of the pattern. A lot of new chart pattern experts out there as of late... My Intraday Chart - NDX (NASDAQ 100) 30-Minute Semi-log I'll add some commentary tomorrow marketdirectionanalysis.homestead.com Regards, LG