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Pastimes : Ask da_cheif -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (7832)	1/11/2002 9:01:32 PM
From: Chip McVickar	Read Replies (2) \| Respond to of 8150

David, I made the reference. >>broadening high <chuckle> does sound like dribble what's the opposite of a rounding bottom....? None of these Index bars look like a co-invincing top<< You made the inference of a topping action. >>Go check out Edwards and Magee, it could be what is happening to the Dow for the last few years...<< >>The broadening top in E&M has successively lower lows and higher highs, the volume accelerates at the lows and eventually it all collapses.<< IMHO..., the DJIA is in a flat or bounded trading range. And I said: >>Putting the DJIA market in a 30 year+ framework, today's price action is a reasonable corrective event and not even close to a bear. This dive to 8000 is like sitting at 800 (1973-82). The boys are just out warming up the kettle for a little tea and crumpets, when they get ready it'll move. It's about %-percentages not price.<< The percentage down moves from low (570--'74) to high (1,026--'76) and back to (736--'78) was around 66% move. From (729--'80) to (1030--'81) back down to (769--'82) move of 84%. Looking over the 30+ years chart, the price has got'ta come back to DOW 4439, to get a 66% percentage move. Just Don't See That Happening...! One last point..., from '98 low (7379) to high (11749--'00) to low (8062--'01) was an 83% move, very typical of the moves in 1972-82. The DJIA market action is laying in a foundation to move higher, to reach 4439 the financial system would have to virtually collapse or another unpredictable catastrophe like Sept 11, would be required to bring it down. Then we'll all be growing vegetables in our back yards and selling pencils. I will say..., this flat could go on for years. My Best, Chip