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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Teresa Lo who wrote (14755)	8/13/2001 5:34:37 AM
From: donald sew	Read Replies (1) \| Respond to of 52237

AUG 13 INDEX UPDATE ----------------------- The main bullish hint, which has been mentioned often, is the bullish FALLING WEDGE on the NAZ/NDX. Another recent positive was that the SOX recently set a HIGHER HIGH and possibly a HIGHER LOW. Other than that I really don't see alot of technical positives. However, there appears to be more technical negative: 1) Last week 3 indices, the NAZ, RUT, BTK set minor LOWER LOWs. They were only minor and requires confirmation, but still a negative hint. 2) In approximately the same time frame as the bullish RISING WEDGE in the NAZ/NDX, there appears to be a bearish DESCENDING TRIANGLE developing. So its a battle between the BULLISH WEDGE or the BEARISH DESCENDING TRIANGLE. 3) The bearish RISING WEDGE on the NAZ NET NEW HIGHs-LOWs. If it breaks to the downside, which is the normal direction of the break, that is a VERY significant NEGATIVE. Keep in mind that the NEW HIGHs-LOWs can lead the market by weeks and even months. This RISING WEDGE in the NAZ HIGHs-LOWs is supporting the BEARISH DESCENDING TRIANGLE not the bullish RISING WEDGE, of course if the WEDGE in the HIGHs-LOWs breaks to the norm(DOWN). As mentioned previously the HIGHs-LOWs is now at/near the lower trendline of the wedge and the APEX of this WEDGE is nearing. stockcharts.com I may be wrong, but at this time it is hard for me to have confidence in the BULLISH FALLING WEDGE in the NAZ/NDX, especially in light of the BEARISH RISING WEDGE in the NAZ HIGHs/LOWs which supports the BEARISH DESCENDING TRIANGLE. For the short-term Im still playing a small bounce to the upside with a very small position.