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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (37785)	3/5/2002 8:57:15 PM
From: ajtj99	Read Replies (1) \| Respond to of 99280

Thanks, LG. I'm trying to pick up things here and there and try not too lose much with the occasional brain cell die-off on the weekends <G>. I really appreciate what I've learned from you. I even get pissed now when I see people drawing trend-lines incorrectly <G>. Sorry I didn't reply to your post last week, as I thought it stood pretty well on its own. BTW, I looked over the Dow pretty close tonight, and here's what I'm seeing: Message 17155719 As for the pennant on the NDX, looking at the 60-minute (sorry, I don't have the 65) it appears the close breached the bottom of the pennant (although it stopped at the tip on the 15-minute). With the RSI and stochastics in the upper range, it would seem that we've got to have some down tomorrow, possibly after a pop to get the 15-minute in line. I think if we re-trace, it should get to NDX 1454, but possibly not too much below that. With things this strong (or shorts this scared), I think we may be seeing .382 re-traces and a steep rising wedge. That's how these bear rallies have been. I'm having a difficult time reconciling all the overbought indicators with more up right now. The only way I can see us continuing up is to consolidate in this range for a while before breaking out to the upside. That may relieve some of the overbought conditions, allowing another step up. That would also give us a solid 60-points for the next mini box of 1520-1582 NDX> My only decent reference for this particular rally is the summer 2000 rally, but that's not proving very helpful. The daily says we're going to have to consolidate some, so I think the middle BB will rise to meet the approx .382 re-trace on the NDX at 1454 or COMP 1820 or so. Good read so far on this rally off the 2-22 low, LG.