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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: JRI who wrote (25646)5/31/2001 2:17:42 PM
From: velociraptor_  Read Replies (1) | Respond to of 37746
 
Hard to say for sure. Wave 4's are pain in the butt to map out. but 2170 is the first major resistance point above. I am not so sure it gets there. There is some resistance at the 2140 level and pretty much nothing but air from there to 2170.

Index is forming a rising wedge too and the apex is below 2170....around 2145 or so.

An alternate would be the formation of a rising parallel channel which is possible. In that case, the upper channel line could extend out to 2170. My best guess is that all this edns by sometime tomorrow at the latest. The wave 2 correction lasted about 1 3/4 trading days. If wave 4 is similar, that Puts us ending at noon tomorrow by the latest and likely earlier



To: JRI who wrote (25646)5/31/2001 2:21:02 PM
From: velociraptor_  Read Replies (1) | Respond to of 37746
 
One other note.....If you channel the current down trend by drawing a line under the bottom of wave 1 and the bottom of wave 3 and then draw a line overhead to parallel the one underneath, then you get resistance on the Naz near 2140....right near the high we just made.


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