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

To: Casaubon who wrote (63152)	11/26/2000 11:18:07 PM
From: Smooth Drive	Read Replies (1) \| Respond to of 99985

The weekly naz swingline chart is in a downtrend and down a bit in its trend channel. Last weeks action showed nothing in the way of strength. (With my swingline charts, the weekly chart establishes the primary trend and the daily chart the secondary.) I have a price objective of 2300. swinglines.homestead.com The daily naz swingline chart is in the middle of a trend channel and also in a downtrend. swinglines.homestead.com Swingline charts and channels are clearly trend driven. They won't signal a bottom or top until certain peaks or valleys are surpassed. They could change tomorrow but today -- it's all down hill. Gann Swingline Construction as follows: 1. Upswing - To go from a downswing to an upswing, the swing upwards must have two consecutive higher highs. 2. Downswing - To go from a upswing to a downswing, the swing downwards must have two consecutive lower lows. 3. New Uptrend - Occurs when prices take out the last peak (line changes from black to blue). 4. New Downtrend - Occurs when prices take out the last valley (line changes from blue to black). 5. Support - The bottom of the previous valley. 6. Resistance - The top of the previous peak. Take care, Eric