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To: Ilaine who wrote (83179)	3/20/2001 10:48:24 PM
From: Michael Watkins	Respond to of 436258

The reference point you're using for a bottom Actually I'm not setting a reference point for a bottom - just indicating that the top, which has similar characteristics to a H&S top, has a measured move that points directly to the 98 Oct lows. Its a potential target. Much can change between now and then; if the SPX shot up here through end of friday and closed near 1200 or so, and followed through next week and broke upwards of 1233, then perhaps there's some saving it. That's a lot of heavy lifting. If it could move up tomorrow and continue for a while, the best case I can see happening is some sort of gradual grind up to resistance or near the 20EMA wherever it happens to be then, and then a sell off to create a test of the lows. Or we may just see some more clunkage right away. Not married to any scenario. The trading is excellent these days.