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

To: eichler who wrote (78982)	6/19/2001 2:23:05 PM
From: eichler	Read Replies (2) \| Respond to of 99985

What a pathetic rally! The bounces are getting more and more meager since the downward break 6/8 on the compx. The bounce of 6/12-13 was a 50% fib retrace of the 6/8-6/12 down-draft. Today's "rally" is a 38% fib retrace of the down-move from 6/13-18. The million $ question is whether or not another bounce is generated after the much expected filling of today's gap up, or does the disappointment of the negative action after the open give impetus to a continued move down, most likely to the 62% retrace of the 4/4-5/22 move up, around 1850ish area? Since yesterdays low only meets the 50% retrace level so far, and today's puny rally does little to restore confidence in the market, methinks more downside is coming. Besides, I would like to see another down day for Nasdy and break the 7 days down in a row record. That would be something to remember! GGG Regards and good trading to all, Eichler