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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (19987)	7/8/2001 8:37:28 AM
From: ajtj99	Respond to of 30051

Zeev, I guess I should have said "Pivot" instead of Reversal and intermediate low instead of downtrend. Looking at the upper and lower boundries of the falling trendlines, I agree we will be hard pressed to get above 2020 the week of the 16th on a re-trace of a possible drop from last week's 2185 to 1850, although a .618 re-trace would take us to 2057 and maintain the downtrend. I just can't see it happening in the middle of earnings doom. 2000 even appears optimistic. I do believe the next drop will be to around 1775 around the end of the month, with a bounce to slightly above 1900 (maybe 1940?) in the first week of August. Again, that top should keep us below the upper line of the descending trendline. Then it should be flush time. I'm also thinking bottom may not be able to wait until the 24th. Maybe the 22nd, since that would give us the possibility of 3-strong down days after options expiration.