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

To: Sweet Ol who wrote (80457)	7/18/2001 7:02:44 PM
From: eichler	Read Replies (1) \| Respond to of 99985

John, <I have been following that channel for several months.> Why didn't your tell me!! GGG Actually, I came up with that center line following the downtrend connecting the Jan high and the subsequent recent highs. Noticed it was a "good fit", so wanted to see it how it looked on the chart. A friend asked what it looked like on the weekly, so I posted that view with the top and bottom channel. Not sure either what that means except that maybe price finding resistance at the central parallel line implies weaker action. On the one hand, if the April low turns out to be a good bottom (supported perhaps by a roaring bounce from the 62% retrace of the 4/4 low and 5/22 high), then perhaps compx price can rally strongly into the upper half of that downtrend channel. Of course, I suppose that price could also continue to deteriorate to the lower extremes of that channel (OUCH!) and pretty much wipe out the bag-holders still standing. Appreciate your comment and as you were savvy enough to be following that channel for months...please speak up if you see other ideas you think worth mentioning! Regards, Eichler