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

To: Eski who wrote (64098)	12/10/2000 9:11:59 PM
From: Smooth Drive	Respond to of 99985

Regarding the Naz, my Sunday night wild ass guess (WAG) says we've found the bottom. I'll show two charts why I think it's so. First, the Naz P&F chart. swinglines.homestead.com Now, notice the top X column that peaked at 4273. The count that came from the next column of O's I've circled is always the most important because it was in fact the Naz high. That count was a bearish price objective of 2650. You can see the next bearish price objectives. But, none as important as the first. Next, we've got two new double top buy signals at the bottom of the chart. There has not been two buy signals on this chart since it started its downtrend. The new bullish price objective is around 3100 and the breakout count is approximately 3700. The next chart is the Naz daily with Gann Swinglines. swinglines.homestead.com Although the weekly chart is still in a negative trend (well -- so is the daily) the daily chart always turns positive prior to the weekly. The trick is to guess right. You can see that the bearish resistance line has been broken. I think we'll also break the previous peak and turn to a positive trend. Pertinent info for interpretation of a Gann Swingline chart 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