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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (45268)	7/27/2001 7:52:35 PM
From: ajtj99	Respond to of 56535

Max, eye-balling the charts (and literally putting a piece of paper up to the screen) the FRL on the NDX from the May high appears to have a hard ceiling of about 1700 NDX right now. Corresponding COMPX ceiling seems right around Zeev's Maginot line of 2078 (I will get that chart subscription). That said, it appears that leaves us about room for 17 NDX points on the upside before we run into the line. That works out to about 20 COMPX points, or about 2049. Let's stretch that to the nearest resistance point and make it 2057 COMPX. I think the NDX stops this bounce at its overhead resistance around 1700, taking the COMPX down with it.

To: LTK007 who wrote (45268)	7/27/2001 8:15:11 PM
From: ajtj99	Respond to of 56535

Max, I believe the NDX 60-minute chart printed an Evening Star Doji (meaning we're gong down) on the 2nd to the last candlestick: stockcharts.com[h,a]eaclyymy[pb50!b200!d20,2][vc60][iUh14,3!La12,26,9!Li14,3]&setting=-%20Select%20- Just another tool to become comfortable with the likelihood that this is the top for the next week or two. The 60-minute also looks overbought. The 15-minute seems to have some upside still early AM Monday, and the daily is in between. Anyway, that's good enough for me. A sidebar, many e-wave folks are of the opinion that we're going up from here. That's one reason why I don't follow e-wave too closely. Way too subjective to get a real handle on things. It seems most of their calls are hindsight.