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

To: Casaubon who wrote (32794)	3/21/2002 10:35:24 PM
From: KymarFye	Read Replies (1) \| Respond to of 52237

Disagree - not an engulfing pattern, even less on the Composite than on the NDX - just in case you want alternative confirmation. The 3/21 "real bodies" don't engulf the 3/20s, and, though, the classic candlestick reading doesn't include volume, obviously the whole performance is more persuasive if the reversal session is on heavy volume, rather than, as today, on marginally higher, but well below average volume. Considering also that there's not much of an immediate "downtrend" to reverse, and that the session's nowhere near the bottom of the major downtrend, and considering the other formations right up above (gaps, doji, minor h&s, horizontal s/r and retracement levels), along with major MAs and a fresh new minor downtrendline below a major downtrend - I don't really see why you'd want to fudge. The patterns or pseudo-patterns on the DJI and SPX likewise look pretty unimpressive. It's a big technical mid-range within a mid-range amidst constricted ranges, triangle within a triangle mess, if you ask me. Definitely more bullish than a complete belly flop, though - that I'll grant you. I don't think it was a "no more sellers," powerful spring out of the depths, through all resistance, bullish engulfing orgy... I think it was a bit of a short squeeze that ran a little extra amidst this generally convictionless market.