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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Shack who wrote (28070)	1/14/2002 11:51:10 PM
From: John Madarasz	Read Replies (2) \| Respond to of 209892

at the risk of splitting hairs, i think it was this line you mentioned that i'm really referencing... I don't see that much technically critical about that level. NDX 1582...It's the stick lows from early last July that provided support for the bounce later that month, and when finaly broken was the KEY resistance that ultimately led to the decline into the Sept lows. It turned out to be the area of the rally off the Sept lows that the bulls used to validate the breakout over the 50DMA, and the "Beginning" of the new bull market. It's the level of the long term 1990 trendline, the area of the neckline for the bigger H/S, and if it's violated for a third time with a convincing close below it, it should ultimately lead to lower lows which would establish the intermediate trend from up to "down"... and keep the longer term down trend intact. Suffice to say I disagree with you and think that level is technically critical<g> 1582 per se?...who's to say really, everyone draws their trendlines a little different; But if you had to pick a #, I think that's a pretty decent one to go after, and not a bad place to be targeting as a "scaling in" zone for position trades in either direction, depending on other reads from specific indicators and ones inclination toward direction... bear or bull I read a great line from Les...something like "Bulls are bulls, and bears are looking for the last bounce". One thing I've always enjoyed about this thread is that it was never about trying to nail the top...or bottom for that matter. I'm just trying to find a place on the plate where my fork will stick into the meat for the best bite<g>