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To: CharlieChina who wrote (4829)	11/22/2000 2:45:34 PM
From: Michael Watkins	Respond to of 8925

I see what you are illustrating. I don't use channels myself at all, except to see where others are looking. If the NDX / COMPX move much lower, we can expect the next resting ground will be on top of the previous consolidation zone -- I.e. what once was resistance is now support. That's about 2570 on the NDX or another 130 points at this writing. That could be done in one day. My guess is that price would actually pierce that zone sooner than later. Its so long ago that any prior support value is probably going to be limited. Who knows, 2000 may be a reality in 2000 or 2001. At any rate, when it was still shooting up many of us were cautioning folks to treat the market one day at a time, avoid over exposure, etc, and we shall do the same on the way down.