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

To: JRI who wrote (81319)	8/9/2001 10:57:57 AM
From: eichler	Respond to of 99985

I think the best chance for a bounce was that set-up chart I posted but then followed by a warning that if the LOD failed to hold, down we go. I will not predict a point in which the downward move stops (impossible as I am only a human) but I will say that the continued downward move has the daily chart looking absolutely horrible. I think the 1885-19000 target I mentioned is a decent idea for where support should be found, whether it will hold needs to be examined in real-time on the charts and how the price action at that point affects the various indicators. As far as the fear, I have been ignoring the VIX and other sentiment indicators lately...the price action on the chart is telling enough IMO. FWIW, I believe if the pattern of lower low and lower high (daily) continues through today, we are getting closer to a bottom for this downward wave. Let the charts tell you when we are there. Draw your trendlines, watch for the break! It will tell you sooner than I can type it out here! Best of luck to all, Regards, Eichler